Navigating Financial Challenges After Losing a Spouse
Strategies to Avoid the ‘Widow’s Penalty’
Headline For Section 1
We all hope for the opportunity to live long, healthy lives, and with advances in healthcare, the average life expectancy has risen over the last few decades.1 While this is great news for our quality of life, it presents challenges when planning for retirement. Recent research shows that the biggest concern among those saving for retirement is the possibility of outliving their assets.2 Referred to as longevity risk, the possibility of running out of assets in retirement increases alongside life expectancy, which is why it’s important to take steps to help ensure you don’t outlive your assets. The following tips can help you prepare.
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Headline 2
One of the best ways to help ensure you don’t run out of money in retirement is to have a financial plan in place. A financial plan provides you with a personalized road map to help guide your saving, spending and investment decisions throughout your working years and into retirement. It takes into account your specific retirement goals and spending requirements and addresses the unique challenges you face. A comprehensive financial plan puts you in control of all aspects of your financial life and can help you identify specific actions to help keep your finances on track as your life and situation evolve over time.
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