Losing a spouse is one of the most challenging experiences one can face. The emotional toll is immense, and the financial implications can be equally daunting. In our latest episode of Money Wisdom, Eric Hogarth, CFP® joins the show to offer insights and practical advice to help those navigating life after such a significant loss.

The stark reality is women are statistically more likely to outlive their husbands, which underscores the importance of financial planning tailored to the needs of surviving spouses, particularly women. We’ve had experiences with people who were well-prepared and able to embrace life after their spouse passed but others who really struggled with the change.

We share stories to highlight examples of both of these to highlight the reality of this major life event and the importance of planning.

There are a few essential financial planning steps that can help ease the transition after losing a spouse. First, you need to understand where your income will come from, whether it’s Social Security, pensions, or other sources. We always advise against making any drastic changes immediately after such an emotional event, recommending instead to focus first on ensuring you have enough income to cover your needs.

Long-term care is another critical consideration. It’s a common scenario when a wife cares for her sick husband, but after his passing, she may have no one to take care of her. Planning for long-term care needs, whether through insurance or other means, is crucial for ensuring future security.

Housing is another major issue to address. Couples should discuss whether their current living situation will be sustainable if one of them is left alone. Making decisions about downsizing or relocating sooner rather than later can help avoid additional stress during an already difficult time.

As always, it’s better to start these conversations early. While discussing the potential loss of a spouse is never easy, having a plan in place can provide peace of mind and ensure that both partners’ wishes are respected. By planning ahead and having open conversations, surviving spouses can navigate this difficult transition with greater ease and confidence.

For those looking to take the first step in their financial planning journey, our team offers workshops on various financial topics, including planning for life after losing a spouse. These workshops provide a supportive environment to learn and ask questions, helping individuals make informed decisions about their financial future.

Here’s some of what we discuss in this episode:

• Examples of clients who have been widowed and life never was the same.

• Examples of clients who have been widowed but were still able to prosper after.

• The two or three main issues that people have to deal with when losing a spouse.

• How we approach our conversations about this topic when it’s difficult to face.