Widowhood is probable for most women in the United States. Women are four times more likely to outlive their husbands. And they live on average another 10 years. But many are unprepared for the changes in store.
New widows are confronted with a host of financial decisions, says a story in Forbes.
And since they may be vulnerable following the death of a spouse, they often make key decisions based on emotion not logic, or don’t make the decisions at all, the article says.
To avoid mistakes, married women should identify someone before their spouse dies that they can trust to guide them through the transition, the story says.
That person should be a financial advisor or estate planning attorney, it says.
And women should in advance familiarize themselves with the types of decisions they are going to have to make as widows. These include:
- Managing proceeds from life insurance.
- Investing retirement account funds.
- Obtaining Social Security.
- Updating estate planning documents.
The story’s bottom line: it is never to soon to be in a position to be able to handle changes when they occur.