Retired professor, 75, fumbled to learn her finances when her husband died. What to do before a catastrophe strikes

Core Insights - The article highlights the financial challenges faced by widowed women, emphasizing the importance of financial literacy and planning for retirement [1][3][6] Group 1: Financial Literacy and Planning - Many women, particularly those who are widowed, lack understanding of their financial situation, which can lead to significant challenges after the loss of a spouse [2][5] - A study indicates that nearly half of widowed women face financial difficulties, with 51% living paycheck to paycheck or struggling to manage bills [6] - Financial illiteracy can result in mismanaged assets and missed benefits, such as Social Security or pension funds, exacerbating the financial strain during a difficult transition [6] Group 2: Demographics and Trends - Women generally have a longer life expectancy than men, with U.S. life expectancy at 75.8 years for males and 81.1 years for females, increasing the likelihood of widowhood [3] - Despite 30% of high-earning heterosexual women being primary breadwinners, less than half prefer this role, and only half engage in financial decision-making [4] - The disparity in financial engagement between genders is notable, with only 49% of women primary earners preferring their role compared to 87% of men [4]