Avoid the Boomer-Widow Financial Syndrome

It is seldom planned or wished for, but it is a reality and something that requires discussion - the illness and/or death of a spouse or partner. As the so-called Baby Boomer generation ages, there is a marked increase in widows suddenly left with financial situations that they do not fully understand. There are others who are forced to financially self-educate while providing quality of care for a partner that previously, and perhaps solely, took care of that role.

Over the years, many women have become more financially savvy. In fact, they have increased their involvement in household financial matters by one-third over the past 10 years. But even with these gains, nearly half of married women leave the financial strategy to their spouse and nearly 80% admit to not having the financial knowledge to plan effectively for the future. For women to avoid the boomer-widow financial syndrome, it is important to gain financial knowledge before something disabling or tragic happens.

A few action steps that can be taken to avoid this scenario are to:

Make sure that you and your spouse are sufficiently covered with life, accident and sickness insurance. Be aware that there may be multiple policies including personal and company plans.

Gather all the financial and estate information and keep it in a secure place for easy access.

Verify that key bank accounts are jointly held and not subject to a lengthy, and perhaps costly, probate process.

Work with a trusted financial advisor. The 'fog' of grief can be too great to make major financial decisions without some guidance.

History tells us that roughly 70% of women will outlive their spouses. The challenges they will encounter financially will be two-fold:

1) How to manage with only one income.

2) How to manage their assets for the long-term.

It can be a difficult subject to approach and harder still to make time to discuss and organize personal financial records. A common approach, and a real time-saver, could be to pack everything into a box and take it to your financial advisor. They can make time for their clients and when the unfortunate happens, you'll be secure in knowing that your financial matters are in their trained hands.

Contact our office to plan your estate.

Copyright © 2023 AdvisorNet Communications Inc. All rights reserved. This article is provided for informational purposes only and is based on the perspectives and opinions of the owners and writers only. The information provided is not intended to provide specific financial advice. It is strongly recommended that the reader seek qualified professional advice before making any financial decisions based on anything discussed in this article. This article is not to be copied or republished in any format for any reason without the written permission of the AdvisorNet Communications. The publisher does not guarantee the accuracy of the information and is not liable in any way for any error or omission.

What our clients are saying...

  • When working with a financial planner, my expectation is to work with someone who is responsive to changes and who can devise a path forward as we age for the benefit of ourselves and our children. I valued the depth of detail and explanation along with the disclosure of all the variables at play. I would certainly recommend Anthony to my family and friends!

  • I was looking for a financial planner who could provide clarity and show me the best possible way to structure and plan for my retirement. Anthony’s expertise was clearly evident. He is professional, punctual, and answered all my questions and concerns. I would definitely recommend Anthony to my family and friends.

  • We expect a Financial planner to be thorough, detailed and have a strong understanding of their clients' needs. It was a pleasure working with Anthony and his team. He delivered a tremendous package and reviewed his findings in great detail. Anthony's attention to detail, solutions, recommendations and in-depth reports provides a great deal of confidence in his recommendations. We would absolutely refer our family, friends and associates to Anthony.

  • I expect my financial planner to review and discuss my financial goals along with how my goals can be achieved. I valued Anthony reviewing my investments and the projections of what they will equate to when I reach my eventual retirement. Anthony has certainly met my expectations and I would be happy to refer my family and friends.

  • My expectation was to be provided with the best possible advice specific to my situation (as it evolves) and to be provided with objective, evidence-based solutions which will provide me with the maximum financial benefit (and peace of mind). I valued the very thorough process of gathering all pertinent information regarding my estate, pension, income and expenses in order to produce a very detailed and fulsome projection of my current and future financial situation. I really appreciate the time Anthony has taken to answer all of my questions and provide sound advice based on my goals and concerns. I am really looking forward to continuing my investment and financial planning journey with Anthony. I would certainly recommend Anthony to my family and friends!

  • We valued receiving a detailed report and explanation of our finances. When working with a financial planner, we expect to have our questions answered with adequate detail and to have a plan developed to help grow our money. Our expectations were clearly met and we would be happy to recommend Anthony to anyone looking for a Financial Plan.