Women: Moving Forward Financially After the Loss of a Spouse

The loss of a spouse can be a devastating, life-changing event. Due to longer life expectancies, women are more likely to face this situation. According to the U.S. Census Bureau, 40% of women age 65 and older are widows compared to 13% of men, and it might surprise you to know that approximately 34% of widows are under age 65.

Becoming a widow at any age can be one of the most difficult challenges a woman must face. Not only is there the emotional loss of a husband, but also the task of handling everything--including all the finances--without the help of a spouse. Even if you've always handled your family's finances, the number of financial and legal matters that have to be settled in the weeks and months following your loved one's death can be overwhelming.

Sadly, for many women, becoming a widow is a first step toward economic hardship. That's why it's critical for you to organize your finances after your spouse's death and take ongoing steps to secure your financial future and that of your family.

First, take a deep breath

Before you start handling the financial end of things, though, make sure to consider your own needs. The period following the death of a spouse can be a blur of emotions--shock, sadness, despair, anger, denial. It's important to allow yourself the freedom to feel however you want to feel. You don't owe it to anyone to feel or act in a certain way.

Facing your loss can ultimately help you as you work to adapt to the new conditions of your life, so that in time you can create something new. This period of adjustment, which can last for several years, is often a time of profound self-discovery for women, who may find themselves examining issues of identity, life meaning, and aging. During this time, it's important to surround yourself with people you trust--family, friends, support groups, professionals--who can offer support and advice that's in your best interest.