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Recently Widowed – Now What?

Women on average live longer than men, and many marry older men.

The result is that most women will find themselves alone since the median age of widowhood is around 60. This is a bad time in any one’s life to become financially responsible since it is usually when wealth is highest and there is more at stake. This is especially true for many married women who did not participate in financial decision making in the past and did not develop necessary skills to make good financial decisions.

The best advice during this emotional time is to take it slow and don’t rush into any major decisions about your financial future. Irreversible decisions made at times of great emotional stress are often regretted. Except in cases of extreme economic necessity, women going through this emotional time should put off decisions about such matters as selling their house, retirement or giving away assets.

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