Planning Tips for Widows

The loss of a spouse creates different considerations for women than men as women are more likely to face financial challenges, according to a recent study. Here are some tips for addressing planning issues with recent widows:

• Put off major financial decisions for about six months to allow grieving time.
• Keep financial accounts flexible and easy to access.
• Keep in mind that other professional services may be needed to be suggested, such as psychological or grief counseling.
• After immediate needs, such as finding the will, are addressed add retirement planning to the priorities list.

See Kimberly Foss, Work Smarter With Widows, Financial Planning, Jan. 22, 2015.