Managing finances for widows
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Statistically 2,800 women are widowed everyday in United States. “That’s not necessary the older generation.” Michelle Buria, a Certified Financial Planner for Choreo explains, “The average age of a widow in our country is 59-years-old. So very young.”
Michelle helped her mother with her finances after her dad died unexpectedly at 65. “We hd everything in place, but as I was helping my mom, I just thought, ‘How overwhelming.’ Just the stress and anxiety for somebody that’s going through this..”
Since then she’s carved out a portion of her practice to work with widows. She wrote an article for Women Today with some thoughts that widows should consider.
The top two are organization and prioritization. “They kind of go hand-in-hand.”
“The biggest hurdle is the amount of stuff and the amount of decisions that need to be made.” Michelle suggests keeping a journal. “Whatever you have that’s readily available at all times because as those things come up, or as friends and family come to you and have suggestions. You write it down in one place.”
Statistically 2,800 women are widowed everyday in United States. "That's not necessary the older generation." Michelle Buria, a Certified Financial Planner for Choreo explains, "The average age of a widow in our country is 59-years-old. So very young."
Along with that she suggests keeping folders designated for each kind of material.
Michelle says prioritize the now, the soon but later, and then address the bigger issues
If you find yourself in the unfortunate situation of losing the spouse. “Don’t try to do this on your own. Seek out a financial professional who can help you. Find someone who’s a CFP with a great organization in advanced planning. And find someone you connect with emotionally.”