How to prepare your finances for widowhood
By Natasha Burton, Market Watch
March 9, 2017
“Despite more women becoming involved in, or even taking over, the family finances, widowhood remains a significant risk factor when it comes to transitioning into poverty. More than one in five women living in poverty are 60 and older; and widows accounted for a nearly 46% of poor women age 60 and older in 2008.
A recent survey of women whose partners died showed that half of them lost at least 50% of their income following their loss, and 48% had difficulty determining what benefits they were entitled to from Social Security.
Given that women live longer than men — in every country in the world, in fact — it’s important to be prepared for your post-spouse life and start looking at widowhood as a when, rather than a what if. Here’s what you need to do to remain financially secure:
Get involved in the family finances
If your husband currently handles all of your money, it’s time to change that, advises certified financial adviser and founder and president of EverGuide Financial Group Mark Painter, who has worked with several widows as clients.
‘Be involved with financial decision making,’ he says. ‘If you and your husband use a financial adviser, be involved in the meetings. I have found that clients with a dual role are more successful than those with one decision maker.'”