6 thoughts for widows

By Michelle Buria

Whatcomes to mind when you hear the word “widow”? Do you envision an elderly woman biding her time in a rocking chair? The fact is, according to the U.S. Census Bureau (https://www.census. gov/data/tables/time-series/ demo/families/marital.html), the average age of widowhood is 59 with almost 2,800 women widowed every day in our country.

When my mom became a widow at my dad’s unexpected death at 65, as a financial planner, I knew we had my parents’ plan intact, insurance was in place, estate documents were current, and her financial picture was going to be OK. Unfortunately, helping my mom locate other necessary resources, put the focus on the stress and lack of coordination for anyone in this circumstance.

Meeting with women who have relied on a spouse to manage their family finances but then are suddenly in the situation where they are solely responsible, is a common and unfortunate practice. Not only are they grieving but also thrown into the depths of handling bills, cash flow, investments and future planning. It’s a heavy task with serious issues if not managed properly.

Suggested financial aspects for widows:

1. Everything is not urgent. Prioritize items as Now, Later and Sometime to help stay on task.

2. Do not make any major purchases or decisions without consulting a financial planner. Short-term thoughts may have long-term consequences.

3. Organization is key. The amount of paperwork, particularly from financial institutions, is overwhelming. Seek the help of a financial professional to guide you and provide understanding.

4. Be aware of tax filing and social security benefit changes. Both could have an impact on your cash flow.

5. Your financial confidence will grow. You are not expected to be an expert, so lean on a financial professional to help educate.

6. It’s OK to look to the future. Life changed, but you are still allowed to plan for yourself.

Losing a spouse is a traumatic event, but know that you are not alone. Look to join a group of like-minded people. Other widows will understand your situation and be a place for support. Most importantly, you can do it. It will be difficult, and you will have bad days, but you will eventually have the energy to regain your redefined future. D rsmus.com/wealthmanagement

Michelle Buria is the director of wealth management at RSM Wealth Management. She is a Certified Financial Planner and holds a master’s degree in personal financial planning. Participation in the quarterly WOW (Women of Widowhood) group is encouraged. Inquiries can be sent to michelle.buria@ rsmus.com.

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