Four financial tips for newly single women
News from Inside Tucson Business:

Within a marriage, a man’s and a woman’s financial circumstances are generally pretty much equal.

But if a divorce occurs, the woman’s situation tends to be somewhat more challenging than that of her ex-spouse.

That’s why, during this major life transition, you may want to meet with a professional financial advisor to go over spending needs and cash flow, so you know what you absolutely need today — and how you can plan for tomorrow.

Before we get into some possible steps you can take, let’s look at some of the reasons women may fare worse than men, financially speaking, following a divorce:

• Lower income — The average woman’s family income drops by 37 percent after divorce, according to the U.S. Census Bureau. And in many cases, divorce exacerbates a situation in which women were already trailing men in earnings. In fact, women still only earn 77 cents for each dollar earned by men, according to the U.S. Bureau of Labor Statistics.

• Smaller retirement accounts — The average balance in womens’ defined contribution plans, such as 401(k) plans, is only 60 percent of mens’ average balances, according to the financial services research organization LIMRA (formerly Life Insurance and Market Research Association).

Of course, “average…………… continues on Inside Tucson Business

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