Terry Savage: A widow’s guide to financial and emotional recovery
On average, women live longer than men. It’s an actuarial fact known by every insurance company and financial planner. At age 65, the life expectancy of a woman is 20 years, while men at the same age have a life expectancy of 17 years.
So, it stands to reason that the 2020 Census Bureau reports that there were 11,271,000 widows in the United States at the time of the survey and only 3,487,000 widowers.
Grieving widows outnumber widowers by a ratio of 3:1.
And that’s the starting point for the new sixth edition of “On Your Own: A Widow’s Guide to Emotional and Financial Well-Being” by Alexandra Armstrong, CFP, and Mary R. Donahue, Ph.D. I praised this book when the first edition came out in 1993, saying on the cover: “If a woman you know is widowed, don’t send flowers — send this book!” And that recommendation is still on the cover of this latest updated version.
Armstrong has been a legendary Washington, D.C.-based financial planner since we first met years ago through the International Women’s Forum. Her firm currently manages more than $1 billion in assets, much though certainly not all of it, owned by women. Donahue is an expert in grief and the emotional aspects of widowhood.
