Alice Stone Nakhimovsky lost her husband and financial understanding. With no interest in investing, she struggled to manage their $1 million savings. Women live longer than men, yet many don’t engage in financial decisions. Financial literacy is crucial to avoid challenges after a spouse’s passing and ensure financial security.

It’s crucial for couples to share financial information and decisions. Financial advisors can mediate for partners with different interests. Choosing a trusted advisor together is important, as many women change advisors after their spouse’s death. Keeping beneficiaries updated and documents organized is key for a smooth financial transition.

Financial professionals can help widows create new budgets and adjust investments. Nakhimovsky consolidated accounts and reduced risk with the help of an advisor. Learning about finances before a spouse’s passing can prevent stress and uncertainty. It’s never too late to become financially literate and secure your future.

Read more at Yahoo Finance: Retired professor, 75, fumbled to learn her finances when her husband died. What to do before a catastrophe strikes