Women who are working past the age of 50 are a growing population. They are strong, capable and mature, yet young enough to make bold changes. Having your finances under control during this stage of life is a priority...and WSECU's Suzanne Klenk has some financial tips to help you do just that.
Don't be afraid
Gauge where you are financially.
Read about investments and market trends.
Sit down with a financial expert to discuss what's best for you.
Do nothing in haste
Think before you act.
Ask questions until you know the answer.
Once you're comfortable, start making decisions.
Be aware of the time horizon
After 50, there isn't quite as much time to save for retirement.
When you're investing, be conscious of your timeframe for retirement.
Don't put your funds into something that won't allow you to withdraw it without penalty when you need it.
Be involved in your life and finances
Use a financial planner, but be an active participant.
Again, educate yourself and stay informed.
You're the decision-maker and the one who will have to live with those decisions.
Divorcing after 50
There's less time to recover financially.
Sit down with a professional to gauge your full financial picture.
Make decisions based on the numbers, not emotions.
Changing careers or start a business
Find out where you stand with your investments and what you'll need for retirement.
Ensure you have a sound foundation to fall back on.
Invest what you have to invest in your dreams or use them to help as you find your new career.
Picking a financial planner Our financial planners will be happy to sit down with you for a free consultation. From there, you can decide which direction to take.
Have a financial question for Suzanne? If you have a financial question you would like to ask Suzanne, please feel free to send her an e-mail.