What’s Your Life Stage?

In addition to the common challenges facing most women, there are other issues you may encounter based on your particular stage in life. Below is a summary of various life stages, common financial challenges you may experience during that time, and some of the opportunities available to help you overcome those challenges. Your financial professional can help you to review your current situation―as well as what may be on the horizon―and tailor your financial strategy accordingly.

  • Life Stage: Single working woman new to her career

    Snapshot: “I am new to my career and have no spouse, partner, or children. I am living on my own with the new responsibility of managing my own household.”

    Common Challenges

    • Planning and preparing for the unexpected.
    • Managing debt.
    • Saving for major financial goals.
    • Saving for a secure retirement.

    Financial Opportunities

    • Develop a budget and emergency fund.
    • Consolidate debt.
    • Establish an automatic investment plan to help save for major life goals.1
    • Enroll in a corporate retirement plan and make regular contributions.
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  • Life Stage: Single working woman with an established career

    Snapshot: “I am established in my career and have made several job changes for career advancement. I have no spouse, partner, or children and manage my own household.”

    Common Challenges

    • Maximizing the potential of a current income stream.
    • Saving for major financial goals.
    • Saving for a secure retirement.
    • Choosing appropriate investments.

    Financial Opportunities

    • Consolidate corporate retirement accounts.
    • Maximize corporate retirement plan contributions.
    • Establish an automatic investment plan to help save for major life goals.1
    • Establish a retirement savings plan.
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  • Life Stage: Single parent

    Snapshot: “I have no spouse or partner and have one or more children. I work and I manage my own household.”

    Common Challenges

    • Preparing for the unexpected.
    • Saving for a child’s education.
    • Saving for major financial goals.
    • Saving for a secure retirement.
    • Establishing plans to financially protect a child.

    Financial Opportunities

    • Develop a budget and emergency fund.
    • Purchase life insurance.
    • Contribute to a college savings plan.
    • Establish an automatic investment plan to help save for major life goals.1
    • Enroll in a corporate retirement plan and make regular contributions.
    • Explore estate planning needs to financially protect children.
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  • Life Stage: Managing a family

    Snapshot: “I have a spouse or partner and already have one or more children, and may continue to expand my family.”

    Common Challenges

    • Protecting your family.
    • Saving for a child’s education.
    • Saving for retirement.
    • Assisting aging or ailing parents.

    Financial Opportunities

    • Purchase life insurance.
    • Contribute to a college savings plan.
    • If working, enroll in or maintain regular contributions to a corporate retirement plan.
    • Review long-term care insurance.
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  • Life Stage: Nearing retirement

    Snapshot: “I am actively preparing for retirement, which is roughly 10 years away.”

    Common Challenges

    • Experiencing the strains of the “sandwich generation” (caring for aging parents and adult children at the same time).
    • Having enough money for retirement.
    • Funding potential health care expenses in retirement.

    Financial Opportunities

    • Develop a savings plan that accounts for multiple financial responsibilities.
    • Analyze current financial situation.
    • Adjust investment portfolio and strategy according to progress toward goals.
    • Review/Consider long-term care insurance.
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  • Life Stage: Living in retirement

    Snapshot: “I have already retired (or will retire in the next year) or am semi-retired.”

    Common Challenges

    • Adjusting spending habits.
    • The need to continue working to satisfy expenses.
    • Maintaining an adequate level of emergency funds.
    • Planning for unexpected medical costs.

    Financial Opportunities

    • Outline retirement wants and needs.
    • Prioritize personal and financial goals.
    • Review and rebalance investment portfolio.
    • Develop a plan to meet unexpected medical costs and other emergencies.
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  • Life Stage: Recently divorced or widowed

    Snapshot: “I have recently taken control of my own finances after depending fully or in part on someone else to do so.”

    Common Challenges

    • Unorganized important personal and financial documents.
    • Day-to-day and long-term expense management.
    • Meeting long-term financial goals without assistance.

    Financial Opportunities

    • Organize personal and financial documents.
    • Analyze current financial situation.
    • Develop a plan to meet short and long-term financial goals.
    • Assess corporate retirement plan participation, if applicable.
    • If applicable, consider any estate planning and education needs associated with being a single parent.
    + Read More

 

Action Steps

When it comes to your financial future, one of the most important decisions you can make is to seek the guidance of a financial professional. A financial professional is trained to help you select investments that are suited to your specific life stage. To learn more, call 800-MAINSTAY (624-6782).

1. An automatic investment plan can neither guarantee a profit nor protect against a loss.