As a financial adviser for nearly 20 years, I’ve met and consoled several women who were devastated by the loss of their husband or the end of their marriage. While the emotional impact of no longer having their lifelong mate is hard enough, their mental anguish is often exaggerated by fear of the financial unknown.
My heart goes out to these women. I’ve found that the women who struggle the most initially haven’t been involved in their family finances, and therefore don’t know how much they have available to live on for the rest of their lives. Even if they know the amount — which sometimes is in the millions of dollars — they may lack the confidence to know whether it’s enough.