WHY SHOULD I START MANAGING MY MONEY NOW?
Three of four American women are single when they die. In fact, half of all women over the age of 65 outlive their husbands by 15 years. If you don’t feel skilled and confident in managing money, start planning for tomorrow—today. Don’t wait until you’re faced with making emotionally charged financial decisions. While some things like the passing of a loved one or long-term health care are unpleasant to think about, they are events that we need to anticipate in order to prepare properly.
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Couples should prepare in advance so the surviving spouse knows what to expect and can navigate the legal and financial paperwork more confidently.
Now is the time to assess your retirement savings. Are you sure that your savings are enough to carry you through your retired years? Look to see if your insurance coverage will provide for your long-term health needs as well as for the well being of your family should you pass early. Make sure that your estate is easy to manage—update your will regularly. Consider getting a living will, power of attorney, and even setting up a living trust so that your loved ones aren’t left with mountains of paperwork and little money to cover the costs.
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