Plan now for long-term care and Social Security. Long-term care can add substantially to your health care costs in retirement and women should think about insuring against it. Purchasing long-term care insurance sooner rather than later is ideal, says Lisa Hutter, senior director of wealth planning for Wells Fargo Private Bank in Austin, Texas.

Lisa Hutter, regional wealth-planning manager for Wells Fargo Private Bank, said, for instance, that it can be wise to set up a trust for a married child in that child’s name only, to help protect the assets in a divorce.

A reverse mortgage is another path for creating income in retirement but pre-retirees should consider them carefully, says Lisa Hutter, senior director of Wells Fargo Private Bank in Austin, Texas.

"Reverse mortgages are beneficial in terms of the income stream they can provide but before applying for one, you should read the fine print and compare your options," Hutter says.

Rebalance wisely. Rebalancing your portfolio on a regular basis is important but it becomes even more so for divorcees, says Lisa Hutter, senior director of wealth planning for Wells Fargo Private Bank in Austin, Texas.

"Rebalancing your portfolio after a divorce is critical because your risk tolerance and optimal asset allocation can change," Hutter says.

New parents get caught up in all of the expenses that come with a child, tending to put retirement on the back burner because it seems so far away.  But studies show that the earlier you start saving for retirement, the better. Starting to save for retirement at age 25 could wind up netting you close to double at age 65 as opposed to waiting 10 more years to start saving.  So start saving or continue saving before and after your new baby arrives. — Lisa Hutter, Senior Director for Wealth Planning for Wells Fargo Private Bank

"Women will have 25 to 30 years in retirement," says Lisa Hutter, senior vice president and regional wealth manager at Wells Fargo Private Bank. "They are more likely to manage their finances (themselves) because they live longer and 50% of marriages end in divorce."

"Establish a 529 plan as soon as your child gets a Social Security number and sign up for direct deposit," says Hutter. "Even an amount as small as $50 a month can make a big difference. We did this for my 7-year-old at birth and have already built up a respectable balance."

If you and your ex don't want to maintain a joint account – or can't – then you might need to make changes to the account. Lisa Hutter, senior vice president and regional wealth planning manager at Wells Fargo, suggests people consider one of the following options based on what the lender will allow or accommodate:It All Begins Here