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Taking Control: Strategies For Women To Prepare For The "What Ifs"
Financial Strategies For Women
With the eye-opening statistics above, it's clear that women need to have a secure financial plan in place should they become a widow. Here's how you can financially prepare for when the "what ifs" of the possibility of becoming a widowhood:
Make Sure You And Your Spouse Have Life Insurance
What does your policy cover? Who is covered under your policy? These are things to consider as soon as you get married. It's better to plan ahead than to look back and wish you had addressed these questions sooner.
Have An Estate Plan Set In Place
Estate planning is critical so that you can transfer assets to heirs while creating the smallest possible tax burden for them. Estate planning also makes it easier on your family, should you pass away unexpectedly, so they know what you want to be done with your assets.
Make Sure You Have A Living Will
A living will is a document that lets people state their wishes for end-of-life medical care, in case they become unable to communicate their decisions. It's important that both you and your spouse have one. Make sure to keep it up-to-date as your wishes may change over the years.
Speak To A Tax Professional On How Your Taxes Will Change
Should your spouse pass away before you do, it's important for you to know how your taxes will be handled moving forward. For two tax years after the year your spouse died, you can file as a qualifying widow or widower. Filing as a widow or widower gives you a higher standard deduction and lower tax rate than filing as a single person. Speak with a tax professional in advance so you know what to expect should you be filing your taxes as a widow or widower.
Make Sure You Are Listed As A Beneficiary On Your Spouse's Retirement Accounts
Sit down with your spouse and make sure you have the correct beneficiaries listed on your retirement accounts or pensions plans. This ensures that your retirement money will go where you want it to go. Make sure to speak with your financial advisor and check the beneficiaries you have listed to ensure that everything is lined up the way you want it.
How Coastal Wealth Management, available through CFS*, Can Help You Plan for Your Financial Future
At Coastal, we make it our priority to help all of our members plan for a successful financial future that aligns with their values and goals. Wherever you are in your financial journey, we are here to partner with you to give you financial advice based on your unique circumstances to help you make the best decisions with your money. Connect with a CFS* Financial Advisor to schedule your complimentary appointment and get started today to get the tools and assistance that you need to become your most financially confident self.
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