Ada-Icon
Required

Planning for the Sad Truth of Growing Old Together

If you’re part of a married couple, it’s highly likely that one of you will become a widow or widower at some point.

If it’s any comfort, there are now some 20 million widows and widowers in America, according to a study from Merrill Lynch and Age Wave that focuses on widowhood, as reported by CBS News’ Moneywatch in “A retirement planning must-do for married couples.” The study, “Widowhood: The Loss Couples Rarely Plan for—and Should” takes a detailed look at what happens, when the first spouse dies.

It should be noted that women are three times as likely as men to be the surviving spouse, since women historically tend to live longer. Widowers tend to marry younger women, leaving many older women to need to learn how to live as senior singles.

More than half of all of those surveyed who had lost a spouse, said they had not planned for it.  More than three-quarters of married retirees said they would not be financially prepared for retirement, if their spouse passed away.

Losing a spouse is the hardest thing for married people, particularly if they have never been single. Some 75% of those who had lost a spouse, said it was the single hardest thing they’d ever had to deal with. Half of them experience a household decline in income of 50%—or more. Adjusting to that loss of income is a big concern. 

When the first spouse passes, the surviving spouses report that they were overwhelmed with paperwork and didn’t know how to begin.

You can plan for this unpleasant eventuality, and you should. Just as having an estate plan in place will help loved ones, planning for one of you to become widowed will help the other. 

What should couples do in advance?

  • Know what all your assets and accounts are and how to access all accounts.
  • Make sure both names are on all accounts and deeds.
  • Be able to access cash.
  • Keep credit card debt separate.

Here’s some advice from the surviving spouses:

  • Avoid making big decisions, until at least a year has passed.
  • Find all important documents and pay bills on time.
  • Notify banks, financial advisors and employers.
  • Reevaluate your retirement strategy, following a financial audit of your new situation.
  • Update your estate plan and check all beneficiary designations.

Losing a spouse is a difficult and painful experience.  However, many people report that afterwards they found courage and strength they never knew they had and are living a full and rewarding life.

Reference: CBS Moneywatch (Sep. 12, 2018) “A retirement planning must-do for married couples”

Hear From Our Clients
tes-prev
tes-next

“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce