Widows Beware Financial Pitfalls
With women living longer then men, they are often left as widows after their husbands pass away. This time is devastating and extremely stressful. Not only are widows dealing with the emotional side of the loss, they are often times hit with huge financial burdens they are not prepared for. Ron Lieber wrote "For the Recently Widowed, Some Big Financial Pitfalls to Avoid" on The New York Times website sharing some money pitfalls every widow should avoid.
With traditional gender roles, men are often times handling much of the financials leaving widows at an even bigger disadvantage. More and more women are taking part in the financial side of the marriage which is great, but it still leaves many widows financially lost when their spouse is gone. Lieber discusses four major pitfalls that must be addressed when a spouse passes away. Collecting term life insurance is just the tip of the iceberg.
The first pitfall discussed is the RUSH. This is talking about how widows are often times rushed to make huge financial decisions quickly after a spouse dies. This rush should be avoided if at all possible. Rash, not thought out decisions can be made during this time. The next pitfall is the HOME. Many widows feel they must remain in their house for emotional reasons, but this isn't always the best financial decision. It's important to look practically at the possibility of moving into more affordable housing. Another pitfall is known as the PURSE. Watch out for entities that view widows as a source of income. It's very easy for these individuals to take advantage of a grieving spouse. And the last discussed pitfall is the GHOST. Widows may try to follow the financial advice of their deceased spouse even though their situation has changed drastically.
For more information on the pitfalls to watch for visit the article on The New York Times.