Four out of five women will outlive their husbands— according to the Census Bureau. Losing one’s spouse is hard enough … but it’s especially tough if a widow has little or no experience handling the family finances. Grieving and learning to manage money at the same time is a daunting challenge— but help is available. Rob West welcomes Miriam Neff and her daughter Valerie Neff Hogan. Together they bring a wealth of spiritual and financial advice for widows.
Rob covers these topics with Miriam and Valerie:
- What prompted you to start Widow Connection and how does the ministry help women who’ve lost their husbands?
- We’ve been talking about help for widows. Does your advice cover women and men experiencing any number of life challenges?
- How do you start counseling someone who’s suffered this loss and feels overwhelmed by finances and other decisions?
- You have a number of basic steps. Can you outline them for us?
Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
- If you've been helping your 76 year old widowed mom with her finances and found a large sum of money in CD earning .2% and moved that into a single premium life insurance plan, did you do the right thing?
- If you're widowed and starting to feel overwhelmed because of increasing increasing taxes and it's difficult to keep the house up without your husband around, when and how should you evaluate whether you should stay in your home?
- If you're about to get married, should you combine your finances?
- If you've have $20,000 in liquid funds, $11,000 or credit card debt, owe $15,000 on a card and have 10 years on your mortgage, what should you use the liquid funds for?
- If you're 35, work part time and have no retirement plan at your company, how should you start retirement savings to augment your husbands retirement savings?
- If, in the past, you suspended contributions to your retirement plan but now you're ready to restart contributions, can you roll an older 403(b) into your latest employer's plan?
- How do you obtain your 3 free credit reports per year?
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