If you are part of a married couple, at some point in the future there’s a strong chance that one of you will become a widower or a widow. Unfortunately, you will have plenty of company since the U.S. has more than 20 million people who classify themselves as widowers or widows, currently. 1.4 million who fit into this category are added every single year, according to a recent study. Women in particular must be prepared for appropriate retirement and estate planning based on the possibility of becoming a widow in the future. 
Combining finances is a common tactic that most couples do when they first get married. But failing to consider the possibility of widowhood could expose women to unnecessary risks.
More than three-fourths of people surveyed, who lost a spouse, said it was the single most difficult thing they had ever been through. And since women are three times as likely as men to lose their spouse, and women tend to outlive men, it is important for women to consider their unique financial planning opportunities. There’s currently a major disconnect between the two members of a married couple associated with this risk.
Over half of people who have recently lost a spouse say they didn’t have a plan in place if one of them passed away, and more than three-quarters of married people of retirement age said they would not be appropriately financially prepared for retirement if their spouse were to suddenly pass away. Surviving spouses recommend taking critical action steps, such as avoiding making major decisions immediately, notifying financial institutions of a loved one’s passing, reevaluating a retirement strategy for an individual, updating estate plans and beneficiaries, and locating important documents. Scheduling a consultation with a caring estate planning attorney is often the first step and will give you an opportunity to receive wise counsel on issues associated with widows.
