MoneyConsumer

Actions

Widows learning how to manage their money

How to budget after your husband dies
Posted: 4:52 PM, Aug 14, 2019
Updated: 2019-08-16 15:14:06-04
Taxes_Budget.jpg

ORLANDO, Fla. — In 2017, almost 12 million widows were living in the United States. Many widows are unsure how to manage their funds when their spouses pass. But a new study shows they’re getting better at it.

Losing a partner changes a lot of things for women, including how they spend and save their money. But a new study from Boston College shows widows are doing better financially. Researchers found 13 percent of widows were living beneath the poverty rate in 2014. That’s down from 20 percent in 1994. The poverty threshold is defined as $11,756 for a single person 65 years old and older.

Experts say this improvement is likely due to higher education levels and better work experience among women.

Some simple tips for widows to improve their financial outlook: take a personal finance class. The nonprofit organization Camp Widow offers a workshop three times a year. Reading finance blogs, such as Suddenly Single Survival Guide, is another way to brush up on money matters. And Local Investment Clubs can help you connect with others in your area. With ways to help widows thrive.

In 2016, the life expectancy at birth for women in the US was 81.1, a good five years longer than the life expectancy for men. Women live longer than men everywhere in the world.