Over fifty and on your own again after being married or in a permanent relationship? Looking towards retirement and wondering if you will manage financially? It is important that you gain financial intelligence and take stock of your finances as soon as possible after your divorce.
You could after all have another three or four decades after you finish working and it is important to begin planning and optimising your income as soon as possible.
Research from The Joseph Rowntree Foundation revealed that a single person in Britain needs £13,900 a year before tax in order to afford a basic but acceptable standard of living.
Further research undertaken by The Prudential showed that 32% of adults retiring last year expected to receive an annual income that is lower than this.
The report found that 35% of women nationally were anticipating an income lower than the poverty line, compared to 29% of men.
Researchers also found that that women's average expected retirement income was £12,169 compared to a man's average expected retirement income of £19,593.
There is clearly a big difference between what people believe constitutes being financially prepared for retirement and the actual income required.
The need for financial education and life planning has never been greater in order to ensure that women especially, do not live in poverty when they retire.
If you think about it most people make a will and many have life insurance.
It could therefore be said that without a plan for life after work, people spend more time on planning for their death than they do planning their life! So ladies don't wait a minute longer to get out your calculator.
There is lots of information to help you on the Internet and it's not rocket science.
Alternatively you could hire a Coach or Financial Advisor.