According to recent data from the Women’s Institute for Secure Data one third of the women who lose a spouse are under the age of 65. And yes, for over 100 years women have enjoyed longer life spans then men. Although, according to a Los Angeles Times story this has not always been the case.
It has only been within the last 100 years that mortality rates have begun to diverge significantly. Scientists point to personal habits such as smoking and food choices as major factors, but the real importance is that women need to be prepared to deal with more late-life issues than men.
Despite that reality, both spouse need to ask basic questions such as:
Am I prepared to deal with my finances?
Do I know where all the accounts are and how to access them? If your spouse took care of banking online, do you have all the passwords for the accounts?
Do I have all the insurance information I need? Where are the policies and how much are they are worth?
If you were both still working, what will your income level be now and when you retire, and what changes might you have to make?
These are just some of the questions that widows or widowers need to consider. According to a recent New York Times story nearly one-third of widows over the age of 75, live in poverty. And many, according to the story, have little or no financial literacy because of lack of interest or ability.
No one is ever comfortable talking about end of life issues, but they are much easier to deal with, if you are not grieving for a spouse at the same time.
At O’Connell Law LLC we are here to help you sort through the issues together so that when the time comes, you can focus on your family and not your finances.
