Ladies welcome back! As we navigate our way through the exhilarating journey of preparing for retirement and embracing our golden years, let’s chat about an often-overlooked but critical topic -.
Just as we meticulously select every piece of pottery for our homes, ensuring it not only adds to the decor but also serves a purpose, we must be just as intentional when considering our financial future. It’s a subject that may feel uncomfortable or even daunting, but planning for our financial independence is a vital part of ensuring our continued resilience and vibrance.
Let’s confront this topic head-on, understanding its relevance, and looking at ways to safeguard our financial future: 
- Know Your Finances: Be familiar with your family’s financial situation – assets, liabilities, insurance policies, retirement plans, and more. It’s crucial to understand where you stand financially as a couple to be able to plan as an individual.
- Establish Your Own Credit: If you do not have credit in your own name, it’s time to establish it. Having a credit history makes it easier to get credit cards, and loans, or make significant purchases in the future. Your credit score can even impact what you pay for things like car insurance.
- Plan Your Retirement: Consider how your retirement savings would be affected. A financial advisor can help you understand your current retirement plans and how they would change. If you’re a true novice to finance, I suggest you use one. However, gen-X women, unlike our mothers are much more savvy and with some resourcefulness, we can navigate these issues without professional help.
- Review Insurance Policies: Understand the details of your life insurance policies. Ensure that you’re adequately covered and consider whether long-term care insurance is a wise investment.
- Create an Emergency Fund: This fund is your safety net. It can help cover unexpected costs and give you financial security and peace of mind.
- Update Legal Documents: Make sure all your important legal documents are updated. This includes your will, power of attorney, healthcare directives, and beneficiaries on financial accounts. With a service like Legal Zoom, you can handle most of these things yourself.
- Know where you stand: Know where and what the accounts are and how to access them. Know what you’ll receive if anything from Social Security or any Pensions or Annuities.
- Make decisions now that set you up for success: Maintaining the family home well past the time it’s needed can be a huge mistake. Make sure your choice of retirement housing can be afforded if you only have one of your incomes.
Planning for the possibility of losing our spouse is much like adding a sturdy side table next to our favorite reading chair. It may not be the most glamorous piece of furniture, but it provides essential support, keeping our favorite books and a comforting cup of tea within easy reach.
Like the fearless, fabulous women we are, let’s take control of our financial future. Here’s to embracing the golden years, armed with the knowledge that we’ve prepared for whatever comes our way, living each day to its fullest, and embodying what it truly means to be an awesome old lady.
Forever Planning,
Old Lady in Training
