Follow Us: Google+
 
Bankrate.com

retirement

Managing alone in retirement

 

Listen to audio

Editor's note: This is a transcript of the audio file.

What happens when a wife who hasn't been very involved in a couple's finances is widowed?

Hearsay and random factoids may suggest that widowed women don't do well managing money after their husband's death.

I'm janet stauble with your bankrate.com Personal Finance Minute.

Economist Joanne Hsu, who did her thesis research for the Cognitive Economics Survey at the University of Michigan, found that widowed women cope differently based on their situations.

Eighty percent of wives who are part of a traditional couple learn more about money and take more control of it when their husband's health falters. When they're ultimately left on their own, these wives are likely to be successful managing money in retirement.

The widows who don't successfully manage their money are those whose husbands died unexpectedly, leaving them no time to learn, or those who were left with a financial mess because the husband was a poor money manager himself.

The obvious lessons from the findings are that both halves of a couple should be involved in financial decisions. Even if one of them is the primary money manager, the other should learn about their situation and get familiar with the day-to-day budgeting and banking process.

To learn more about money management, visit Bankrate.com. I'm Janet Stauble.

advertisement

Show Bankrate's community sharing policy
            Connect with us
Compare MMA Rates



advertisement
Most Read
  1. Headlight requirements by state
  2. Nick Nolte's house for sale
  3. 8 eerie ghost towns
  4. 7 sedans for the young at heart
  5. Social Security traps to avoid
  6. 8 affordable, classic cars for retirees
  7. 10 cars for a midlife crisis
  8. 7 Social Security benefits
  9. 9 gas-only, fuel-efficient cars
  10. Top 10 states for foreclosure
Overnight Averages
Product Rate +/- Last week
30 yr fixed mtg
3.67% 3.62%
15 yr fixed mtg
2.80% 2.76%
5/1 ARM
2.60% 2.58%
View rates in your area:
Product Rate +/- Last week
$30K HELOC
4.99% 5.00%
$30K home equity loan
6.17% 6.19%
$50K HELOC
4.56% 4.56%
View rates in your area:
Product Rate +/- Last week
48 month used car loan
2.93% 2.97%
48 month new car loan
2.44% 2.45%
36 month used car loan
2.87% 2.93%
View rates in your area:
Product Yield +/- Last week
6 month CD
0.45% 0.43%
1 yr CD
0.67% 0.63%
5 yr CD
1.24% 1.24%
Compare rates:
Product Rate
Balance Transfer Cards 15.92%
Cash Back Cards 16.34%
Low Interest Cards 11.01%
Compare rates:
African Americans earn less, save less and support extended families, making retirement planning more difficult.
advertisement
Partner Center
advertisement

Advertising Disclosure: Bankrate.com is an independent, advertising-supported comparison service. Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.