Menopause and Money: Tips for Protecting Your Financial Future.
Menopause is a time of significant physical and emotional changes for women.
Along with the hot flashes, mood swings, and MANY other symptoms that accompany this phase of life, many women also experience shifts in their financial circumstances.
Whether you’re facing retirement, dealing with changes in your career or income, or simply feeling uncertain about your financial future, it’s important to take steps to maintain your financial health during menopause.
In this blog, with the help of Naomi Haynes of Naomi Haynes Financial Planning, we explore some strategies and tips to help you navigate the financial challenges of menopause and build a secure financial future.
Emergency Fund
Do you have easily accessible savings put aside just in case something unforeseen happens?
Having this Rainy Day Fund is so important to provide a buffer against anything unexpected in the future.
Everyone is different, but as a guide, think about saving a minimum of 3 months of essential expenses.
State Pension Forecast
A lot of people have a horrible surprise when it comes to claiming their state pension when they retire, for instance, they are not going to receive the full allowance.
It is easy to check your state pension forecast. You can do it HERE.
If you have any gaps, you may still be able to fill them, which is usually a very good investment.
Pension Contributions
How is your future looking?
Do you know what your private pension provision is?
Do you know what you have, where it is and whether it is invested and working in the right way for you?
Even if you qualify for the full state pension (currently £10,636.60 per year for the new State Pension), most people need to top this up to keep to even a basic standard of living.
Make sure your wealth span is as long as your life span!
Top up your private pensions, and you get tax relief for doing this. Remember, women have a longer life expectancy than men.
There is also something called the Gender Pension Gap whereby women have less money to see them through retirement than men – one of the reasons for this is that menopause can stop women from working prematurely. So making sure you are contributing suitably to your pension is really important, especially because there can be stumbling blocks along the way.
Income Protection
What would happen if you were too sick to work?
How long will your money last if your period of sickness lasts longer than a more typical illness/absence from work?
A high number of women are off work due to menopause, or even give up work completely and retire early.
If you have not experienced many health issues, and you are under the age of 60, getting income protection will safeguard you in case something happens. This policy is basically a long-term sick pay plan.
Pay off expensive debt
Using credit cards and overdrafts can very often extend the length of time it takes you to pay off debts, and in some instances, you end up paying more interest than debt!
Prioritise paying off these expensive debts or find a way to reduce your interest expenses.
Regular Savings
Making savings a habit can have a real impact on your finances
Setting up a regular contribution into a savings account should be simple to do, and having the savings accumulate automatically each month will help your savings build nicely.
Make sure your Will is up to date
A will is not just for those with lots of wealth.
Make sure your will is up to date, as well as the wills of those around you
Having an up-to-date will can save those left behind lengthy delays and high costs
Whilst a financial adviser cannot help you with your will, without an up-to-date will, all your hard work financially can be undone when you die.
Talk about money
Money is a large cause of stress for many people, but talking about money topics regularly can help relieve that stress, and bring a much better understanding to the topic.
The more we can talk about the topic generically, the less scary and complex it will feel.
Why not make a “money date” with your partner?
Or chat with friends about money topics in the news?
Financial decluttering
Having a regular declutter of your finances can be therapeutic, as well as have a real impact on your financial well-being.
It should also save you money.
Review all the money you spend – bank accounts, credit cards, cash. All regular payments need to be reviewed;
- Do you recognise it?
- Do you need it?
- Can you get it cheaper elsewhere?
Professionals
Do not be afraid to ask for help.
There are many people out there that can help you plan for your future and become financially resilient in a way to suit YOU.
If you would like further support now, sign up for my newsletter here or subscribe to my YouTube Channel here.
About Naomi
Naomi Haynes is a money strategist with over 20 years of experience in financial services.
[email protected]
She is passionate about empowering people financially, translating the jargon and working with those who find money scary and overwhelming.
Naomi helps people to take control of their finances, face their fears and achieve the
financial future they deserve.
When not looking to change the financial world, she is committed to working on projects to help enhance diversity within our various communities, and enjoys spending time with her husband, three children and dogs.
She works both online and face-to-face with clients around England.
If there are any other topics relating to midlife well-being that you would like me to cover in my blogs, don’t hesitate to get in touch.
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