The time to start preparing for it is now.
While it’s commonly understood that women tend to live longer than men, the average age at which women become widows is younger than most people realize. The following are common misconceptions around widowhood – and what women can do now to prepare for the likelihood of living alone.
The average age of widowhood is younger than many people expect.
For many people, the term “widow” evokes a woman later in life – but that picture isn’t fully accurate. While it’s true more than half of all women over age 75 are widowed, the U.S. Census also reports that the average age of widowhood for women is only 59 years old – an age when many couples are still working and drawing an income from an employer.1 Many widows are caught off-guard from the death of a spouse, and often find themselves financially unprepared to suddenly have lost half the family income or access to a spouse’s pension or Social Security benefits.
The impact and responsibilities of widowhood are far-reaching.
Upon the death of a spouse, widows are often in a vulnerable state, balancing their own personal grief against the unfamiliar world of collecting life insurance benefits, planning a funeral or arranging a memorial service. But while these final arrangements are the immediate priority, they’re not the only concerns: Bills still need to be paid, the home still needs to be maintained – and all the tasks associated with daily life now fall entirely on the surviving spouse which can be incredibly stressful, making an already difficult time that much harder.
You don’t have to do it all yourself.
The process of moving forward financially can be both overwhelming and time-consuming: Gathering your assets, modeling what-if scenarios and coming to terms with widowhood’s personal and financial impact can be physically and emotionally taxing. But you don’t have to figure this all out on your own. In addition to our expertise in financial planning and wealth management, we also have access to a deep bench of experts – specialists who have dedicated their careers to helping women and families pursue their best lives.
1www.census.gov/library/stories/2021/04/love-and-loss-among-older-adults.html, www2.census.gov/library/publications/2005/demo/p70-97.pdf. Accessed July 2023.
Baird Trust Company (“Baird Trust”), a Kentucky state chartered trust company, is owned by Baird Financial Corporation (“BFC”). It is affiliated with Robert W. Baird & Co. Incorporated (“Baird”), (an SEC-registered broker-dealer and investment advisor), and other operating businesses owned by BFC. The information offered is provided to you for informational purposes only. Neither Baird nor Baird Trust is a legal or tax services provider and you are strongly encouraged to seek the advice of the appropriate professional advisors before taking any action. The information reflected on this page is subject to change. The information provided here has not taken into consideration the investment goals or needs of any specific investor. Investors should not make any investment decisions based solely on this information. Past performance is not a guarantee of future results. All investments have some level of risk, and investors have different time horizons, goals and risk tolerances, so speak to The Gervais Group before taking action.
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July 26, 2023 - VK2025-0811