FINANCIAL PLANNING FOR WOMEN

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Helping you ensure your wealth, values, and legacy live on

Research shows that the financial security for women often depends on their marital status. Adding to that, women generally earn less than their male counterparts in nearly every occupation. Whether you are single by choice, newly divorced, or recently widowed, the following tips could help you shore up your financial security.

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TIPS FOR NEW DIVORCÉES AND WIDOWS

For retirement benefits, you need at least a 10-year work history to qualify for your own Social Security benefits. To maximize these benefits, you may want to delay when you start collecting until age 70, depending on your life expectancy.

In addition to understanding your own retirement benefits, you should know about any spousal benefits you may be entitled to. If the marriage lasted for at least 10 years and you haven’t remarried, you could be eligible for half of your ex-spouse’s social security benefit amount at their full retirement age, even if they’re not actively collecting it. The total amount you are owed and when you should start collecting will depend on your age, personal earnings, life expectancy, and whether you remarry.

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TIPS FOR WOMEN WHO ARE SINGLE BY CHOICE

If you don’t have a spouse or a child, an estate plan can help ensure that your wealth is effectively distributed. Generally, this means that assets would go to a parent or sibling if there’s no surviving spouse or child and more remote family members if there are no surviving parents or siblings. If you have a large extended family, you may prefer that your wealth go to nieces, nephews, and charities.

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TAKING CHARGE

Whether it’s by necessity because of a life change or you just want to become more involved in your finances, women can take charge of their financial security by staying fully informed of options—and the many considerations that go into solidifying your current financial situation, maximizing retirement benefits, and properly planning your estate.

This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a tax preparer, professional tax advisor, or lawyer. Third-party links are provided to you as a courtesy and are for informational purposes only. We make no representation as to the completeness or accuracy of information provided at these websites.

We’re happy to discuss your particular retirement planning needs with you.

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Securities offered through Commonwealth Financial Network ®, member FINRA/SIPC, a Registered Investment Advisor. Advisory services and financial planning offered through Global Wealth Advisors are separate and unrelated to Commonwealth.Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network. Global Wealth Advisors does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.