Could you become one of the women in the statistics listed below? Absolutely. I was.
Demographers estimate that 1.25 million women will be widowed annually by 2040.
The average age a woman is widowed is 56.
There are currently 11.3 million widows and 2.6 million widowers.
700,000 women are widowed every year.
80% of women live longer than their husband
The average widow outlives her husband by 14 years.
Nearly 50% of women over 65 and 32% over 55 are widows.
I became a widow in a second when my husband died in an accident. That’s why I’m so passionate about wanting you to understand everything about your money before a crisis hits you.
Is your husband handling your marital finances? You need to get involved, participate, understand the whole financial picture. If you’re caught in the statistical profile, not knowing about your money will make life even harder for you. Here’s what you should do right now:
Explain to your husband that you’re worried about how you would cope on your own if something happened to him. (Show him the statistics I listed above.)
Tell your husband how much you appreciate everything he does for you and your life together. This is vitally important. You want his cooperation, not a confrontation. You don’t want him to feel you don’t trust him. It’s not about trust – you’re looking for information and participation.
Review your entire financial picture- everything you own, everything you owe. Know where your husband keeps the financial records, how to access them and what they mean! Be sure the information is up-to-date.
Make sure your husband has sufficient life insurance with you as the beneficiary. CONFIRM THAT THE PREMIUM PAYMENTS ARE PAID ON TIME! If even one payment is late, that will cancel the policy.
Draw up a will, a revocable trust with you as executor and trustee and the powers of attorney for health care and financial decisions. Get the help of a legal professional to make sure you’re doing it right. If you miss even one thing, that might invalidate all of them.
Don’t count on anyone else to take care of these things for you. No one has a higher stake in understanding your money than you do!