If you’re navigating a divorce—or recently on your own—and wondering whether you’ll be okay financially, you don’t have to figure it out alone. A clear plan can bring peace of mind and put you back in control of your future.
Your debit card is the most vulnerable to financial loss because it is linked directly to your bank account. You have two business days to refute any unauthorized charges on a debit card under federal law. If the charges are reported within two business days of learning about the theft, maximum liability = $50. After two business days, the liability rises to $500. But if you wait more than 60 days, you may be liable for the entire amount stolen which can add up to thousands of dollars.
Oh man to go back to that first swipe of a credit card… it all feels like free money…. until that first bill comes!
Have you ever lost your wallet? I did years ago when I left my wallet in a pay phone booth (yes, I am dating myself!). I will never forget the panic I felt. I was fortunate it was found and turned into the local police station with everything intact, but many are not so lucky. If you cannot find your wallet, do you recall your panic while trying to recall the last place you remember having it. In your car? Your house? Did you drop it? Was it stolen?
When it comes to Social Security, there’s no one-size-fits-all answer. Some people take it at 62 (Generally, this is the earliest one can collect). Others wait until 70 to maximize their benefit. And then there are special considerations if you’re divorced or widowed.
Now it is time to start spending more time caring for yourself. This includes taking care of your mental and physical health. No longer are you that young, spry parent. Twenty years have likely gone by where you’ve done a little less exercising, eating right or paying attention to your body. As one moves into the empty-nester phase, its time to get your health and body in shape for the next phase. Joining a gym might be a good option for some, but it is more important to select activities that are right for you from walking every day to running in marathons—pick activities that you know you can stick with and are right for you.