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Bringing renters home Build your dream team FENCE & DECK DRYWALL & STUCCO BRICK, MASONRY & CONCRETE INTERLOCK, PAVING & CONCRETE PAINTING & DECORATING WASTE REMOVAL Dear Money Lady, Going into retirement as an older single woman is more daunting than I thought it would be when I got divorced five years ago. I haven't even updated my will yet, and I don't know what to do about my cur- rent mortgage. It's just so much to think about all by myself ! Any tips for us older sin- gle ladies? Single in my Sixties (Bernice) Dear Bernice, In 2001, there were more than 1,500,000 single wom- en in retirement; today, there are over 2,600,000 Ca- nadian women living alone. Women tend to live longer than men and many divorced or widows are simply choosing to remain single in retirement. This has created unique chal- lenges for women today. Many retired women re- ceive much less than their male counterparts. Often women have not worked the same amount of years as men or have earned less income during their work- ing careers and therefore do not receive the same pension benefits. They are also much more conserva- tive when investing than most men. A recent study done by Bank of Montreal showed that men were more likely to hold stocks and mutual funds in their investments, whereas women were more likely to hold GICs. So, what are our single ladies to do? We as women need to support one another and become more knowledge- able about our future op- portunities. We need to ex- pect more from ourselves and definitely more from the people we interact with. Start by educating yourself. When we know more, we make better deci- sions and feel more em- powered to improve our sit- uation. Start to know what your true financial picture looks like. Buy a notebook and create a budget -- your new financial plan. Review all your investments, in- surance and taxes. Do you have a good financial ad- viser? Do you have a good accountant? It is important for you to have a well thought out strategy that provides for the unexpected. You should have an easily accessible emergency fund, like a line of credit or savings account. This will help pay for unex- pected costs that are not built into a budget. For your investments, we must en- sure your portfolio grows with products that offset in- flation and taxes. Remem-flation and taxes. Remem-f ber that risk is a relative term and as a single woman in retirement, there is more risk to doing nothing than for those who try to im-for those who try to im-f prove their situation. Re- view your investment port- folio with your adviser, getfolio with your adviser, getf involved and ensure you have the correct asset allo- cation to provide com- pounded growth year over year. If money is tight in re- tirement, then maybe it is time to review your overall situation. Can you down- size (or rightsize) to some- thing less expensive. Can you continue to work part- time or is there something that you may be uniquely qualified to do that will provide a little extra in- come? In establishing your financial plan, assess your basic needs and ensure they are covered by an in- come source that is guar- anteed for life. It also goes without saying that every good financial plan should have an up-to-date will and power of attorney. Start taking control of your life, your future and your finances -- for those of you who already have, then bravo! You go girls! Bernice, don't be less than you can be. You will some- times feel self-doubt, and that's OK; just don't allow yourself to stay there. Reach further to all your future possibilities no mat- ter what age you are. You have the power as a single woman -- so make it hap- pen! Good Luck and Best Wishes, Money Lady Christine Ibbotson is the author of the bestselling book "How to Retire Debt Free & Wealthy" and a new book "Don't Panic -- How to Manage your Finances and Financial Anxieties During and After the Coro- navirus," available at all bookstores across Canada. If you have a money ques- tion, please email on websi- te: www.askthemoneylady- .ca. Follow her on Faceboo- k and Instagram. ASK THE MONEY LADY: NAVIGATING RETIREMENT AS A SINGLE WOMAN OPINION THERE IS MORE RISK IN DOING NOTHING THAN FOR THOSE TRYING TO IMPROVE THEIR SITUATION, WRITES CHRISTINE IBBOTSON CHRISTINE IBBOTSON Column SIGN UP FOR OUR WEEKLY NEWSLETTEROUR WEEKLY NEWSLETTER AT THEIFP.CA