Many enter retirement married but, sadly, few couples leave it together. In most cases, wives outlive their husbands. We’ve all heard this, and dispatches from beautiful places like Sonoma or Naples, where the women outnumber the men, seem to confirm it. So does Happy Hour at Sullivan’s.
However, according to a new study by the Center for Retirement Research of Boston College, Happy Hours may not lead to happy years, particularly on the back end of retirement.* Fewer pensions and a loss of a portion of Social Security income make widows—and widowers—particularly vulnerable.
What is the effect of having to depend more on your investments? It can leave you unprotected from the shock of a sudden and sharp spike in medical expenses. Medical expenses, by their very nature, are the most likely to increase suddenly and dramatically.
As Susan Bradley, an expert in financial transitions, says, when money changes, life changes. This is particularly true when someone loses a spouse. Survivors need most of their former income to keep their standard of living.
What can you do to prepare for that?
At Goostree Financial Group we help clients prepare for shocks. We can help you prepare for that.
*not an exact quote