When – not if – will a woman find herself single? The odds are staggering that women – even those who are currently married – will find themselves single at some point in their lives:
What should a woman do to empower herself so that when she becomes solely responsible for her finances, she feels confident in managing this critical part of her life?
There are 11 million women in the U.S. who are widowed spouses.2 Losing your spouse is an emotionally difficult time that can make managing financial tasks feel almost impossible. Ask for help if you can, whether it’s from a family member, a close friend, or your advisor, and consider these initial steps:
Divorce can be emotionally draining and painful. While dealing with finances might be the last thing you want to do, it’s important to take steps to prepare and protect yourself:
These kinds of conversations can sometimes feel overwhelming or difficult but consider this: the time you invest now to understand your finances is actually a gift to your loved ones. Especially if you have daughters, it’s a great way to lead by example, as data tells us that caring for parents, which includes handling their finances, falls largely to daughters.4 Knowing your financial situation and effectively communicating your wishes and needs to your loved ones can only help them be more effective when the time comes for them to take care of you. This sharing of knowledge and open communication can greatly reduce your loved one’s level of stress in making caregiving decisions.
The time you invest – in yourself – will not only give you reassurance that you understand your finances now, but it can also help you make good decisions as your life changes in the future. Your advisor is ready to help you get to a place of knowledge and confidence!
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