My father was forced to retire early because of an unexpected health condition. For my parents, what should of trips to exotic locations became frequent trips to the ER. Instead spending their "retirement" years play golf together, the majority of that time was spent in hospitals. When he passed away it left my mom in a position to figure out her next steps on her own. Life would have been much easier for her if they had a plan.
Nobody wants to think about the heartbreak of losing a spouse. At Baird, we see a significant increase between the ages of 55-64, of individuals filing as widows. Nearly 40% of women will be widowed by age 70 and with an average life expectancy of 9 more years. In the Luke Combs song, "Forever After All", there is a line "And I know there'll be that moment the good Lord calls one of us home and one won't have the other by their side." Statistically this will be something we all experience.
In the video below, Jaleigh White (Baird Family Wealth) and Jackie Russell (Baird Trust Officer) discuss this topic and how we can be prepared.