WIDOWHOOD: THE LOSS COUPLES RARELY PLAN FOR — AND SHOULD
Merrill Lynch and Age Wave
If you’re married, it’s inevitable that either you or your spouse will become a widow or widower some day in the future. And often it’s the wife, since women are more than three times as likely as men to lose their spouse, according to an insightful study by Merrill Lynch and Age Wave titled “Widowhood: The Loss Couples Rarely Plan for — and Should.”
Unfortunately, there’s a big disconnect among married couples regarding this risk. More than half (53 percent) of all people who lost a spouse said they didn’t plan for the possibility if one of them passed away. More than three-fourths (76 percent) of married retirees said they wouldn’t be financially prepared for retirement if their spouse passed away.
Do you need some motivation to take action? Consider this: More than three-fourths of people who lost a spouse said it’s the single hardest thing they’ve ever been through.
What can you do to reduce the risk and worry that comes with losing a spouse? Read the Merrill Lynch/Age Wave report for action steps and planning resources.
This article was recommended by Steve Vernon, Research Scholar in the Financial Security Division at the Stanford Center on Longevity.