BoomBoom mentioned in another post about protecting ourselves financially such as, not depending on a man and protecting our IRA's.

I think this should be a very important topic to all of us, married or single and I'd like to hear more of her thoughts on this.

I've been married for 26 years. Everything is in both names.

If you are married please be sure to know equally as much about your fiannces as your spouse.

That's my two cents.

My sister learned this the hard way. Her husband even complained that she knew very little about their finances. When they divorced, he really took her down the river.

We have wills but I never received my copy so I told my husband I wanted a copy and now. So, he brought it home and I've gone over it very closely. Not that I don't trust him, I just want to know everything there is to know. I owe that to myself.

BB thoughts cover more areas too and they should be given equal time. Like the value of 401K's, supplmental health insurance, caregiving expenses for YOU and for anyone you may have to be the caregiver for, etc...etc...

So much of our senior living boils down to money. Sad, isn't it? That's why jigsaw puzzles are so great! Cheap entertainment.

JJ

Then, the next question is...what happens to a woman who has never worked? Let's say her husband walked out on her after insisting she stay at home and she's had no formal training and is in her 40's. What then? How does she get money for her remaining future? What does she fall back on? It is too scary to think about.

In her 40's? That means she was in her 20's in the 1980's. She didn't read the news or watch TV? Did she think it couldn't happen to her? That's what alimony is for if she's lucky enough to get it. WalMart or McDonald's if she isn't. A lady in her 60's I might feel sorry for. Not anyone my own age. They should know better.

I think every mother should be in the know about finances and are foolish if they don't. Then they should teach their daughters that no matter what, no matter how happy you are at this moment in time with this man, always sock something away in a private account. I was taught that and did it all my life and when I was getting divorced and he owned the business I didn't walk away broke or poor. Believe me that pennies, nickels and dollars add up to quite a nestegg after many years go by. JJ is right it all adds up to money once you are old. This is a good topic, one we may all have to face. Now if after 40 yearsor so, you are still with the love of your life and well taken care of, take him on a cruise or a one of a kind vacation, tell him you've been planning it for years....He'll adore you for it.

Unique, I ask because a lot of the women I work with weren't allowed to work outside the home or they'd face the wrath of the abuser. They stayed home and took care of the kids and child support or alimony was a fluke. The guy would quit his job and disappear so he wouldn't have to pay. Or some of them found a job at a fast food place, etc. and the guy would show up and threaten them or stalk them. They had to go into hiding. Don't expect the police to really help because the laws are so screwy on this and some of the women, one that I worked with, got a job and he came to her place of business and shot her three times. So, there are situations that go beyond knowing better.

My oldest daughter has a private checking account for her school. Her husband, who is nice but not very financially sound, took all of her book money and paid bills with it. So, she had to borrow money from me and that's when she opened her own account. She just paid me back in full.

I've taught my daughters to save and my sons too. You never know what life will throw at you or when.

I worked with a woman who ended up cashiering at a drug store and she was well into her 60's. Her husband passed away years before and she had no children. She had no choice but to work standing on her feet all day. It's a shame that the elderly have to live like this.
I guess we all need to prepare ourselves now!

While setting up a nest egg is a very good idea and I am all for it.

Be careful if you are in a community property State where everything is 50/50. If you have your own account you would have to split that 50/50.

Virginia is a community property State and I have a friend that gave me the advise to get someone I trust, in my case my dad, to open an account and for me to transfer the money to this account. She went through a divorce and she is in the financial field as well.

I didn't end up divorced but as much as 2 years ago I was seriously thinking about it.

Cheers,
Cathi