In a recent survey, two hundred and forty-six women, age seventy and younger, who became widowed within the past five years were interviewed.
These women owned assets of $50,000 to $1 million. This survey was completed for the Women’s Institute for a Secure Retirement (WISER) and funded by the American Council of Life Insurers.
Among its findings:
- 50% lost at least 50% of their income when their husbands died.
- 45% of widows with $50,000 to $99,999 in savings and investments did not have an emergency fund prior to their spouse’s death.
- 26% of the widows whose husbands were responsible for financial planning had to move to less expensive housing.
Just because you’re married doesn’t mean you have to let your husband handle all of the financial decisions without your valuable input. You don’t have to be one of these statistics.
Why not make it a priority to have at least a basic knowledge of your financial affairs, and what would happen if your husband pre-deceased you. A big-picture financial plan can help you make plans to accommodate your short term, temporary, and long-term needs. Sound planning takes all three into consideration.
The bottom line is that wives simply cannot afford to let their husbands make all the financial decisions.
Signs of Slowing Economy Continue to Mount
11 Most Read IRIS Articles of the Week!
3 Strategies to Feel More in Control of Your Investments in 2019
3 Life Insights From the Jeff and Mackenzie Bezos Divorce
Weekend Warriors: Ortho Regenerative Technologies Begins Final Animal Studies in Rotator Cuff Repair
Advisors: A New Way to Build Trust With Your Audience on Social Media
4 Tips to Get Over Your Fears of Being on Camera
Top 7 Questions To Identify Core Leadership Skills
How Technology Is Helping Clients Take a Bigger Role Than Ever
What Happens When Labour Gets Commoditized
Markets1 day ago
Long-Term Investors: The S&P 500 Is Not Your Friend. Here’s Why.
Development1 day ago
Again, and Again, and Again: The Way to Build a Great Advisory
Advisor Marketing1 day ago
How to Integrate a Robo-Advisor Offering on Your Website
Equities2 days ago
MIT Says 2019 the Year That Blockchain Goes Mainstream
Sales Strategy2 days ago
The “Polite” Prospect Can Be the Most Difficult Prospect
Human Performance2 days ago
6 Techniques to Close Deals Faster
Markets3 days ago
Is the Market Rising Due to the Lack of Bad News Screaming at Us?
Markets3 days ago
The Early Bird Sells too Soon