At a networking meeting recently, I was informed money is often cited as the cause of divorce, and although any pensions held are now divided between the divorcing couples, the wife does not automatically receive half of the husband’s pension fund as it is based upon how long the couple have been married.

A married woman may find her husband’s pension will make provisions to pay an income to her when he dies, in the meantime they will have the married couples State pension to assist with their living expenses.

Market research shows that 18% of women associate retirement with poverty, research also shows women in the UK are twice as likely to live in poverty as men. Even more worrying is the fact 70% of women following divorce or the death of their partner face financial hardship.

The research makes it clear how important it is for you, as a single or divorced woman to deal with the financial aspects of retirement, to have a retirement strategy in place.

What do you need to do to have a retirement strategy?

Firstly, you need to be educated about money and finance, when I say educated I don’t mean taking a degree in accounting or investment but having a basic understanding of how money works, and what you can do to improve your financial circumstances.  Secondly, you need to have financial goals in place for 1 year, 5 years and 10 years as well as for your retirement.

Finally, you need to be able to increase the difference between your income and outgoings so you can save more to invest in your future wealth, by reducing your debts and saving more.

When you think about money do you experience an emotional reaction, such as fear or anxiety, maybe even a physical symptom such as sweaty hands or feeling sick?  Do you ignore your finances and put them off until another day?

Unfortunately, the days still pass and with each passing day you get closer to the day when you will want to retire even if you are in an occupation you love and doesn’t feel like work.  To enjoy your retirement you must have funds in place to provide an income.

Pension plans are one way to save towards your retirement, especially as the government contributes into the pension for you, although the downside of investing in a pension plan is the fact you are unable to access your money until you are 55+.  Whereas through your own investment strategies including alternative investments such as hotel complexes, agriculture, commodities etc. which are not linked to the stock market and the inherent risks involved in market fluctuation you will have access to your funds and know how much of a return you will receive at the end of the fixed period investment.

For useful tips and suggestions on how you can improve your savings and financially educate yourself sign up for the FREE Dream Retirement Realised Ebook and receive your copy of the Independent Lifestyle newsletter.