Should You Create A Financial Plan for Living Alone Before the Death of a Spouse?

It can come as a significant shock if your beloved spouse passes away before you have had the opportunity to address a solo financial plan, and yet this happens to far too many widows and widowers every single day. Developing a financial plan in advance of the death of a spouse is important for protecting your best interests whenever possible. 

Most people who are married plan for their future with a spouse, not without one. But your decision to plan for a contingency could prove instrumental if something happens to your spouse suddenly.

A recent study, for example, found that more than half of widows did not have a plan for what would happen if either one of the parties to the marriage suddenly passed away. And the majority of retirees who are married share that did not have enough financial preparation to retire on their own if their spouse passed away.