By: Dr. Stacie Rhodes

Editors Note: Over the last year, Dr. Stacie Rhodes has shared strategies for financial readiness for each decade of our lives. This is the last in the series.

Ladies, we began this series highlighting the journey toward what many call “The Great Wealth Transfer,” where an estimated $30 trillion will shift to women by the end of this decade. Studies reveal that 70% of women will experience widowhood and inherit their husband’s assets. While those statistics seem straightforward on paper, they represent a profound and often painful reality.

Losing a spouse is one of life’s most difficult transitions. At the peak of her grief, a widow is often tasked with making critical financial decisions while adjusting to a “new normal.” Whether you’ve managed household finances for years or are stepping into this role for the first time, financial clarity and confidence are within reach. This season is about finding stability and making thoughtful decisions to honor both your future and the legacy of your loved one.

Here are five key financial steps to help you navigate this challenging time.

1. Pause Before Making Major Financial Decisions

The days and weeks following the loss of a spouse can feel overwhelming, filled with tasks like notifying creditors, managing accounts, and planning memorials. During this time, avoid rushing into significant financial decisions, such as selling your home, liquidating investments, or taking on new financial commitments.

Instead, focus on immediate needs, such as ensuring bills are paid and maintaining access to critical accounts. Give yourself time to process your loss and consult with trusted advisors before making long-term decisions.

2. Organize Your Financial Documents

Understanding your financial position is an important first step. Gather essential documents, such as:

  • Bank statements
  • Investment accounts
  • Life insurance policies
  • Retirement accounts
  • Debt obligations (e.g., mortgages, credit cards, loans)

If your spouse handled most of the finances, this task may feel daunting. Enlist the help of a trusted friend, family member, or financial professional to locate and review these documents. Having a clear financial picture will help you build a secure foundation for your future.

3. File for Benefits and Insurance Proceeds

Widows are often eligible for multiple forms of financial support. Start by contacting Social Security to explore survivor benefits, which can provide income based on your spouse’s earnings record. Check with your spouse’s employer for unpaid wages, pension benefits, or group life insurance payouts.

If private life insurance policies are in place, file claims promptly. Most require basic documentation, like a death certificate, and funds are typically disbursed within weeks. These benefits can provide a financial safety net as you adjust to your new circumstances.

4. Review and Adjust Your Budget

The financial changes that follow the loss of a spouse often require a fresh look at your budget. Start by identifying your essential expenses—housing, utilities, insurance, groceries—and comparing them to your income sources.

You may need to adjust for new costs, such as health insurance or long-term care, or reevaluate discretionary spending. If downsizing or consolidating debts is appropriate, now is the time to consider those options. A well-defined budget helps you regain a sense of control and ensures your resources align with your priorities.

5. Seek Professional Financial Guidance

Widowhood is a season when expert advice can be invaluable. A certified financial planner (CFP®) or estate attorney can help you navigate complex decisions, including:

  • Investing life insurance proceeds
  • Managing retirement accounts
  • Updating estate plans and beneficiaries
  • Addressing tax implications

Studies show that 70% of women switch financial advisors within a year of their spouse’s death. Engaging in conversations early can ensure confidence in the professional guiding you through this pivotal time. Be cautious of unsolicited advice from well-meaning friends or acquaintances. A trusted advisor will tailor recommendations to your unique situation and long-term goals.

The road ahead may feel uncertain, but it’s also an opportunity to embrace your strength and build a future rooted in hope. Take time to grieve, heal, and lean on your support network. Financial security doesn’t require perfection; it calls for intentional choices that honor your needs and values.

This series was inspired by the great wealth transfer, a moment where women will control unprecedented wealth. Yet, with that financial freedom comes the responsibility to educate ourselves, engage our families, and empower action. Ladies, keep leaning in. Pursue financial freedom through every decade and build a legacy that reflects resilience, grace, and purpose.

ABOUT THE AUTHOR

Dr. Stacie Rhodes serves as the Director of Training & Development for Liberty University, as well as the Executive Director of the Liberty University Center for Financial Literacy. Her passion is empowering women with essential financial education to walk confidently toward financial freedom. Stacie received her graduate degree from NC State University and her doctorate from Liberty University while holding CPA, CFP®, and CKA® designations. She enjoys building relationships with her incredible community, vacationing in places with beautiful beaches, and traveling the world with friends and family.