Growing Old And Retiring – A Woman’s Plight.
By Rick Law, Estate Planner and Attorney in Chicagoland. You may have heard this statistic before, and it has remained relatively accurate through the years… Women will outlive their spouses by an average of five to seven years. Women are at a greater risk than they realize of not having enough money after their husbands have died! A woman often does not have enough money to maintain the standard of living that she enjoyed with her spouse, due to a number of common factors:
- Loss of one Social Security check;
- The loss of some or all of her spouse’s pension income; and
- The loss of savings that were spent on the husband’s healthcare and final expenses.