Tuesday, July 30, 2013

Women Facing Financial Transition

Change is inevitable in all of our lives.
Career changes!
Relationship changes!
Changes in our lives are almost always accompanied with strong emotions and bring on feelings of insecurity and confusion, all of which are unavoidable and very normal.
Transitions in life become even more daunting when they are accompanied with major changes in our financial situation also.
When we find ourselves faced with these overwhelming situations, it can literally paralyze us with fear and this is when we are most likely to make the wrong decisions.

I know this from firsthand experience.
As I have faced my owner major transition in life.
For me my major transition was the death of my husband, for me this brought with it overwhelming emotions that I had never experienced before along with a huge amount of uncertainty in my financial situation.
For me a long this has been a journey which has brought me to where I am now!
Showing women how to identify some of the major life changing events in their lives.
From experience I have found that some of the most significant events in our lives can become the biggest challenges.
Some of which can be:

Divorce can be an emotional rollercoaster for both spouses.  The major changes in this stage of life cause a great deal of pain and stress.  It is like taking a leap into the unknown.  Some of the financial issues that come along and add to the already overwhelming burden are having to divide the marital assets, alimony, child support, changes in our tax situation, health and life insurance changes and even changes in our estate planning.  With so much pain and hurt ruling our emotions it can become extremely difficult to navigate through this transition.   

Looking forward to retirement can be an exciting time.  However along with the excitement can come feelings of fear and insecurity?  Feelings that we are not prepared to have and for many people this can make it difficult to focus on and identify how we are going to be able to achieve our retirement goals.   Are we going to meet our financial needs throughout our retirement giving us the comfortable retirement that we desire?   How are we going to deal with the other issues that we may face during our retirement years, like avoiding running out of money, especially as women because it is a known fact that we will probably spend more years in retirement than men as typically we live longer.  When will be the best time for us to start our Social Security benefits?  How are we going to be able to take care of our healthcare and long term care needs in retirement?  All of these factor in to making retirement another major financial transition in life that we are going to face. 

When a woman loses her husband it is emotionally devastating.  This is the time when we need to reach out for help.   There are many stages of grieving all of which need to be processed and experienced before we can reach acceptance.  It is so very important to have a support team around us at this time, one which will help us make the right decisions.  One of the biggest mistakes that happen when we are faced with this type of major transition in our lives is that often we are lead to believe that decisions have to be made right away.  This is not the case it is the opposite in actual fact this is when we need to take time as more often than not the biggest mistakes are made when we are stressed and emotional.  So you need to give yourself time at least a year before making any major financial decisions.
It is important for women facing financial transitions in their lives to partner with someone who uses a caring and understanding approach, this can be the key to achieving financial security and personal success over their transition.

If you need a transition partner to help you embrace your current situation.  Call today and schedule a free consultation appointment with me today at 239-288-0977.

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