There are moments in life that shift everything. For many women, becoming suddenly single, whether it’s through divorce or the loss of a partner, brings not only emotional change, but financial complexity. 

Decisions and responsibilities that were once shared are now placed on the shoulders of the one who is also navigating this loss. And now, plans that once felt clear may no longer be. Oftentimes, the questions that come up are not just about money but also about one’s stability, independence, and what their future will now look like. Regardless of when this happens in life, it’s important to surround oneself with the right type of support system - from family and friends to advisors to help ease the burden and added stress that now exists - we call this your Village. For those who are approaching retirement, this is especially true. What would once have been the plan for this next stage in life will shift in ways that now look entirely different, and priorities may change. 

For independent women, retirement planning can feel riskier and trickier to plan on your own, and clarity becomes significantly more valuable. Building a plan that feels steady, supportive, and aligned with your life today is so important, and working with an expert is one way to make that happen.

Leaning on others for support during times of change 

There are a handful of questions that women in this situation tend to ask, such as “How do I make these decisions on my own?” “Where do I even begin?”

Managing finances alone can feel overwhelming at first, especially when you’re used to shared responsibility and a collaborative approach to decision-making. 

So where do you start? Which decisions matter most and which ones can wait?

We help create structure in these moments, breaking decisions into manageable steps, helping you prioritize, and ensuring nothing important is missed. 

Another question women tend to ask themselves is, “Do I have enough to retire?” This is often the biggest question, but it’s not really the right question. What matters is whether your savings can support your lifestyle in a consistent, tax-efficient way over time.

That comes down to how you turn assets into income. Which accounts you draw from first, how you manage taxes as RRSPs convert to RRIFs, and when to take CPP and OAS all play a role in how long your money lasts. For many women, longevity and time spent on their own also need to be factored in.

When this is mapped out properly, the focus shifts from “Do I have enough?” to “Is my plan built to support how I actually want to live?”

At Boakes Wealth Management, we turn uncertainty into clarity by doing just that: planning for what you’ll need, and where adjustments can be made to close any gaps.

A few other concerns I commonly hear revolve around whether one’s partner primarily handled their finances and if they’re unsure of how things now stand or what plans (if any) have been put in place. Oftentimes, things will need to be updated or altered to fit their new reality and ensure they’re supported long-term. 

If you find yourself in a situation like this and are asking yourself, “Am I too late to get this right?” I’m here to tell you it’s never too late, and I’m here to support you through this transition. 

Although not everyone will be able to relate to these circumstances and emotions, ensuring that those who do have the tools and resources to navigate them effectively is imperative. My priority is to ensure I can support women regardless of their situation or how their circumstances shift.

The importance of a plan 

If you find yourself in a situation like this and are concerned about what happens if you face health issues later on, know this is a deeply important yet often avoided question. No one likes to think about themselves or their loved ones having health issues, but the reality is, it’s important to have a plan in place to ensure you’re protected if something does happen. It will also provide peace of mind now, as planning for future health needs means considering potential care costs, access to support, and how decisions will be made if you’re unable to make them yourself. 

With the right planning tools in place, such as powers of attorney, insurance strategies, and a clear financial structure, you can ensure you’re supported no matter what the future holds. Additionally, if something happens and you don’t have family close by, it’s important to understand how care will be funded and who will make decisions for you if you’re unable to. 

In times of transition, having a plan matters, but having the right support matters equally so. By having us in your corner, you’re able to get clear where things feel uncertain and build a structured and personalized plan. Additionally, it will allow you to make informed decisions at the right pace and coordinate the financial, legal, and tax aspects of your life. Most importantly, we can help ensure that your plan reflects not just your finances, but your priorities, comfort level, and vision for the future.

Final thoughts

You don’t need to have everything figured out right away, especially during times when life feels heavy or complicated. What matters is creating space to understand where you are, what’s changed, what comes next, and having someone in your corner to help you navigate these times of change. 

Because financial planning is not just about preparing for retirement, it’s about building a future that feels secure, independent, and fully your own, however that may look through the inevitable ebbs and flows of life. 

As you think about your own situation, here are a few questions to sit with:

1. If something in your life changed tomorrow, would your financial plan still support you the way you need it to?
2. Do you know how your income would actually work in retirement, or are you still relying on assumptions?
3. If you had to make every financial decision on your own, would you feel clear on what to do next, or unsure where to start?

Shannon Boakes

Investment & Wealth Advisor, Financial Planner

Boakes Wealth Management

shannon.boakes@rbc.com 

Phone: 519-758-1270

This community extends beyond one conversation. It’s built through shared ideas, thoughtful planning, and staying connected over time.

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