Financial LifeStage – Preparing For Widow(er)hood
- Widowhood/Widowerhood is more common than you think
- Pension payout decisions may affect your surviving spouse
- Prepare together for more peace of mind if you are alone
A loving, married couple dies together the same night in their old age in the film, The Notebook. But life’s timing often doesn’t work out that way. One spouse may very likely outlive the other—by years. So it’s worth preparing for this likelihood.
How would your financial situation change if your spouse died? A good financial representative asks such difficult questions so you can prepare for those situations, making them less scary—at least financially. If you know you are secure financially as a widow or widower, it is easier to heal, to pursue new happiness, and to grow.
Does Income Affect Your Chances of Being Widow(er)ed?
It appears there is a happiness spot for those with annual household income between $75,000 to $99,999. According to the US Census Bureau, these people are less likely to become widowed between the ages of 50-74 than households with less or more income. Money may or may not buy happiness, but it doesn’t seem to buy longer life expectancy.
Source (page 8): https://www.census.gov/prod/2011pubs/acs-13.pdf
Preparing Together For Being Alone
Becoming a widow or widower is considered to be a stressful, difficult time. But knowing one has the financial security to endure and continue may help provide the confidence for the surviving spouse to continue.
It’s better when you are together to prepare for a time when you might be alone. You’ll be less fearful of being alone knowing you prepared for it together . . .
. . . just in case.
We can help you prepare when you are together. Click here to schedule an appointment.