by Sharlene Jamison
What if you are experiencing a divorce in your late 50’s and early 60’s
Do you have a plan in place? Will you be able to maintain your standard of living?
Are you prepared for life's WHAT IF moments?
Preparing a plan can prepare you for the possible pitfalls that may affect your livelihood, the way you enjoy living.
Sharlene Jamison, Financial Consultant, of the Meridian Financial Company can help you navigate your future...for the WHAT IF in life.
Scenario:
STARTING ALL OVER IN THEIR PRIME YEARS
Maryann and Bobby are experiencing a divorce after thirty-five years of marriage.
Maryann never dreamed that she would be starting all over at age 57 after being married for 35 years to her husband Bobby age 59. They both decided to go their separate ways due to irreconcilable differences. They’re both seeking a new love, retirement strategy and wondering how to pick up the pieces in their lives without each other.
Maryann is a school teacher who planned to retire in two years, prior to this unexpected life event. Bobby is a self employed carpenter, who has never contributed to a retirement plan, due to infrequent business dealings and no concerns for his financial future.
The couple never had children or owned property. They’ve been renting their apartment for years. Bobby maintained the up keep of their residence while looking for odd jobs to use his carpentry skills. They never purchased their own home due the lack of income Bobby brought in from his side jobs. They mainly lived on MaryAnn’s income over the years. Bobby’s inconsistent income was considered bonus money for the couple who traveled occasionally during summer months.
The cost for the divorce proceedings placed Maryann in a position where she was forced to borrow against her 403B retirement fund to pay the attorney fees. They didn’t have a large savings account. MaryAnn soon to be ex-husband Bobby didn’t come to agreeable divorce terms. Even though there are no marital assets to split other than her 403B retirement account and her possible obligation to pay alimony to Bobby.
CONCERNS:
The ’WHAT IF’ has taken place in Maryann and Bobby’s world in their latter earning years!
Maryann plans to retire in two years has been disturbed…..
The ‘IF’ in life has taken place.
Can MaryAnn and Bobby get on track with their separate lives?
Will they be able to live apart with the reduced retirement account that has been split amongst both of them?
Will they outlive their financial resources? Do they have alternatives?
Can they find a solution to their problem to pick-up the pieces of their lives? Will they be able to retire?
The WHAT IF has taken place in their lives? WHAT IF this happened to you...After all IF is the center of LIFE.
Sharlene Jamison, Financial Consultant, can help you navigate your future...for the WHAT IF in life, She offers securities through Cadaret Grant & Co, Member FINRA/SIPC, and is affiliated with The Meridian Financial Company,
The Meridian Financial Company
"Navigating The Future"
90 Lawrence Ave, Smithtown, NY, 11787
T-631-656-8198 - C- 917-670-5994
www.sharlenejamison.com
sjamison@ae.cadaretgrant.com
Sharlene Jamison