Five steps for widowed or divorced retirees

www.MintcoFinancial.com

don sutton

When her husband of 46 years suddenly died last March, 76-year-old she didn’t notice when spring came. She didn’t notice when summer arrived and left or that fall was now here.

Disconnected from money issues, not even knowing how to pay a bill, the burden of her grief meant she also simply didn’t care about her family’s personal finances.

Losing a life partner through death or divorce is traumatic. But for many women of older generations, money matters have often been the husband’s domain. When the partner is gone, senior women, already vulnerable after their loss and perhaps through age, may find themselves ill-equipped to handle complex money decisions awaiting them.

Let's hope that this has been the most difficult year that you will ever have to experience. Widows have so much to deal with, and finances are a significant cause of the fear and uncertainty that many women feel about their futures.

Five steps for widowed or divorced retirees

Losing a partner is traumatic but financial awareness could exasperate the grief and anxiety. Here’s what you should do:

1. Other than pay the bills, do nothing until you are in a steady emotional state to weigh the consequences of significant financial changes.

2. Seek out independent advice. Many financial company advisers work on commission and have a vested interest in selling you products and services. Seek out a fee-only planner or an independent financial that does not work for banks.

3. Bring a friend to any financial meeting (not a relative). The adviser may assume you aren’t coping or aren’t interested in the advice and will focus on your son or daughter. Also, a friend helps verify what was discussed.

4. Get everything in writing. If you are unsure of financial terms, a discussion can touch on many goals and means to reach them. Get your planner to set out exactly what they propose to do with your money.

5. Take friends’ and relatives’ advice with a grain of salt. With the best intentions, people will advise you to move out of your home or buy insurance. Few of them would have an overarching view of your life and financial goals like a trained professional would. But be kind – they mean well.

"My grief journey continues. I liken grief to the waves in the ocean. Some days, I am hit by tsunami after tsunami; other days it may be a single tidal wave; some days it’s a riptide that pulls me under; some days I am simply drowning; and some days I am hit by every kind of wave. Occasionally now, there are a few hours when I am floating on gentle waves. I am learning to swim in the ocean. This gives me hope!" (by a widow)

If you or someone you know is recently widowed, and has questions about their financial situation & how to prioritize the decisions that lie ahead, please contact me as a resource to help you.

Michael Minter, independent financial advisor

Phone 813 964 7100 (Florida)

            716 565 1300 (New York)

www.MintcoFinancial.com