Seven out of 10 baby boomer wives are going to outlive their husbands.
Those are daunting statistics for women and men alike.
And few are prepared for the reality of life on their own.
That reality can be very overwhelming, especially in the beginning.
While there are steps that widows (or widowers) do need to take right away after a loss, it’s important to not rush into decisions.
In fact, a common rule of thumb is to not make any long-term financial or lifestyle decisions (like selling a home, or moving to another state) for 6 to 12 months after your loss. It takes time to sort through the emotions and really think the decisions through.
As financial planners, we have experience working with widows and other women in transition. It’s a challenging time, and the decisions you make can affect you, your lifestyle, and possibly other family members for many, many years to come.
One of the best steps you can take now is to prepare for the unexpected before it happens. (Not sure what to do? Take a look at our earlier article on how to prepare for being on your own).
And don’t think you’re too young for the drill. Baby boomers, even you need to take time to make sure you’re up to speed on your assets, income, important documents, and other key financial facts.
It can’t help you avoid the heartache of losing a loved one. But it can give you both peace of mind knowing that the people you love will be protected throughout their lives.