Okay, after being a bit harsh on the free eBook yesterday (available at www.womensretirement.org ) titled What Women Need To Know About Retirement, I thought we’d discuss some of the great chapters within.
One of those chapters is When The Unthinkable Happens: How To Make Financial Plans For Unexpected Events. The authors give a general checklist of areas a woman should look at to disaster proof her finances and then some specifics on two common “disasters” widowhood and divorce (why disability is not included, I don’t know).
The first steps that all women should take (see the book for more details) are;
1. Maintain files of basic financial information
2. Have your name on the checking account
3. Establish and maintain good credit
4. Assess your insurance needs and buy enough to protect yourself
5. Create and agree on a will for you and your spouse or partner and
6. Save, save, save
Sounds basic, right? Yet many women haven’t taken these steps. I know women who do not have their name on the family checking account or even on the family home. Yes, in this day and age, this happens. I know women without a separate credit card (so no solo credit – if the hubby gets sued, the family doesn’t eat). I know women whose husbands manage all the finances and don’t even know what branch the family banks at.
This isn’t about “in case” of divorce. I’m happily married. I plan to be happily married my entire life (its been 15 years so we have a good shot at it). Yet I maintain separate credit and even have a separate bank account. Why? Because putting all our financial eggs in one basket (carried by my hubby) would put him and I at risk.