I can give you at least four examples of ladies who lost their husbands too soon into retirement. I guess it’s just maths – of all the couples who retire together, some will have a tragically short time together before one of them dies.
One lady lived in the most incredible house I’ve ever been in, and I’ve been in some incredible properties. Yet there was a real air of sadness about the place. There was a picture of her late husband by the door. They had spent years planning this property and he died suddenly; just six months after moving in.
There are loads of examples in my career of things like this happening, and the simple lesson is this: Enjoy life now. Don’t wait. Don’t overthink the long-term implications of taking that big holiday. Plan for it, for sure, and don’t be rash, but don’t put it off – because time is short.
Share the Load
One other theme that has come out of helping so many widows after losing their husbands (and in some cases the other way around) is that leaving your partner unprepared financially adds a massive amount of hardship at the worst possible time.
The worst example was when a lady in a client couple had the quickest-onset vascular dementia I have ever seen. It took two weeks for her to totally lose mental capacity. Despite my urging, and the same from her family, they had never got round to setting up powers of attorney.
The husband of the couple didn’t even know the PIN number for their joint bank ATM card. She used to give him pocket money every week which he’d take to the snooker club – he was a financial child in his late 70s.
He had to grow up quick, and he did, with the help of his family. But how much easier would it have been if they had shared the load? At the other end of the scale, I have a client who has left detailed instructions about everything, and at the front of the file is my business card.
Don’t risk leaving your partner financially unprepared. Have the conversations you need to have. Simplify things radically. Write everything down. It’ll be a minor pain in the neck compared with the massive suffering inflicted on your partner if you die and they’re not financially prepared for it.
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