Are you a widow or do you know a widow?

I recently had the pleasure to meet Dr. Kathleen Rehl, Ph.D., CFP® last month in San Diego. I have always known about women living longer on average than men, but seeing the figures really brings this subject to light. It is imperative that women do their financial planning before their spouse dies. It is nice to have a 3rd partner that knows your financial goals no matter who passes first. Fifteen years living by yourself is a long time to be financially strapped if you don’t have to be.

Kathleen Rehl Ph.D., CFP® is the author of “Moving forward on your own”. She had some really interesting insight to what emotions women go through when they become a widow. Here are some interesting statistics on widows:
◌ The average age a wife becomes a widow is 59
◌ Half of women over age 65 live 15 more years after their husband dies
◌ 70% of Baby Boomer wives will outlive their husbands; 80% of women will be single at death
◌ On average, only 8% of widows aged 55-64 remarry; by age 65, only 2% remarry. Conversely, a widower typically remarries within two or three years of his wife’s death
◌ Widowed female seniors outnumber widowed males by 4 to 1

Becoming a widow can be a very emotional life changing event. It’s important to be careful in making big decisions during this emotional period. I have seen huge amounts of IRA withdrawals, big purchases, and inappropriate financial products bought during these times. If you do become a widow, try to talk over major decisions with a trusted friend or financial professional who is not in a hurry to sell you a product.

If you would like a copy of her book or you know of somebody that might want a copy, feel free to give us a call. Dr. Rehl is also a widow herself.

Scott L. Webb is the owner of Webb Financial Group LLC and can be reached at scott.webb@lpl.com, (740)454-6113or http://www.WEBBFINANCIALGROUPLLC.COM. Securities are offered through LPL Financial, Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. Not NCUA insured, not credit union guaranteed.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: