Losing a spouse is one of life’s most challenging transitions. While the emotional toll is immense, the financial and practical impacts can also be life-changing. Preparing in advance ensures peace of mind and stability for the surviving spouse. Although a difficult conversation to have, this is an important one.
A Thrivent survey showed that due to the lack of proactive financial planning, “41% of the widowed women surveyed said they didn’t have any financial conversations or plans in place prior to their spouse passing away.” This led to over half of widowed women experiencing financial challenges after their spouse’s passing.
Here are some considerations to help us prepare:
Talk About the Future
Even when it’s uncomfortable, discuss end-of-life wishes and funeral plans. Make sure to have in place medical directives and power of attorney documents. Communicate with your loved ones so they know where essential documents are kept. Having these conversations while you’re both healthy makes decisions easier later.
Know Your Finances
Widowhood often changes income and expenses. Be prepared:
- Social Security: The survivor may get the higher of the two benefits.
- Pensions: Confirm if a survivor benefit is included. When you initially selected your pension income distribution, you would have chosen a survivor benefit option. If you are unsure, reach out to your pension plan provider or financial advisor.
- Retirement Accounts: Know what happens to IRAs, annuities, and RMDs.
- Monthly Budget: Review what will change if one income goes away. Your financial advisor should provide support in creating a sustainable cash flow as needed.
Work with a financial advisor to review your long-term plan and tax impact.
Organize and Simplify
Create a file (physical or digital) with important information. Be sure to have Wills and insurance policies, bank and investment account information, and logins and passwords. While your spouse should already be aware, in case they need assistance from others, have a list of the names of your financial, tax, and legal advisors.
Review Insurance and Housing
If you have life insurance in place, confirm if it is enough to cover final expenses or lost income. Having alternative solutions to cover end-of-life expenses will help ease the burden for your surviving spouse and loved ones.
If you do not have long-term care, make sure you have a plan. This aligns with housing considerations – more specifically, whether downsizing or moving closer to family might make sense for the surviving spouse.
Stay Connected
Build a support system beyond your spouse. Join community groups, maintain friendships, and be open to grief counseling if needed. Emotional preparedness is just as important as financial readiness.
Widowhood is deeply personal, but it doesn’t have to be destabilizing. We make the most of the time we have by using it wisely to prepare with clarity. A few thoughtful steps now can make a world of difference later — for you, and for the ones you love.
At Westminster College, we are proud to walk alongside families in every season of life, offering guidance and resources to help you make informed decisions. By facing these conversations with care and purpose, you honor both your present and your future.
