For many married women, one of the most significant financial shifts they may face occurs at one of the most difficult moments in life — the loss of a spouse.
On average, women tend to live longer than men, which means many wives ultimately outlive their husbands. According to the Centers for Disease Control and Prevention, the average life expectancy in the United States in 2024 is 76.5 years for men and 81.4 years for women.
The gap narrows somewhat after age 65. At that point, men are expected to live another 18.4 years on average, reaching about age 83.4. Women, meanwhile, have an average life expectancy of an additional 20.8 years, living to around age 85.8.
Because of this longevity difference, women are expected to inherit a large share of the wealth transferred between spouses during the so-called “great wealth transfer.” This period, spanning from 2024 to 2048, is projected to see roughly $124 trillion passed down primarily by baby boomers — those born between 1946 and 1964 — and older generations, according to research from Cerulli Associates.
Of that total, about $54 trillion is expected to go to widowed spouses, with 95% of that amount going to women. Research from Cerulli Associates also estimates that around $40 trillion will specifically be transferred to widowed women who belong to the baby boomer generation or older.
Become familiar with household finances
Financial advisors say that in many older couples, financial responsibilities have traditionally been handled by the husband, including investments and long-term financial planning.
“In many older households, the husband historically has handled most of the financial decisions,” said certified financial planner Ryan Marshall, a partner and financial advisor at ELA Financial Group in Wyckoff, New Jersey.
“It’s just more common that [older women] hadn’t been part of it,” Marshall said. “They’ve been taking care of everything else in the family.”
However, that limited involvement in financial matters can create challenges later.
“That lack of knowledge can leave the surviving spouse feeling overwhelmed at an already difficult time,” Marshall said.
Because of this, experts suggest that spouses become at least somewhat familiar with the household’s finances before such a situation arises. Understanding where assets are held, how income is generated and whom to contact for financial questions can make the transition easier.
“The goal is not to make everyone a financial expert, but to ensure the surviving spouse has the familiarity and confidence to navigate the transition,” he said.
Avoid rushing major financial decisions
Although many couples create estate plans in preparation for the death of a spouse, others may not have made detailed arrangements.
“If you didn’t plan for it in advance, you kind of have to start all over again,” said CFP Crystal Cox, a senior vice president for Wealthspire Advisors in Madison, Wisconsin.
“What is your new budget, for instance,” Cox said. “Or, before, your portfolio [was based] on a couple’s risk tolerance. Now you have to look at it as a single person.”
In the immediate period following a spouse’s death, Cox says the focus should remain on essential financial tasks. These include ensuring access to cash, notifying relevant institutions, paying ongoing bills and claiming benefits such as life insurance.
“Once initial grief begins to stabilize — and that timeline is different for everyone — widows can start to revisit the broader financial picture,” Cox said.
The specific financial challenges a widow faces depend on individual circumstances. However, some financial adjustments are common regardless of the size of the estate.
Income may decrease
One of the most immediate changes may involve a reduction in income. If both spouses were receiving Social Security benefits, the surviving spouse typically keeps the larger payment, while the smaller benefit stops. Depending on the size of the lost benefit, the drop in income can be substantial.
“That’s a huge impact a lot of people don’t think about,” Cox said.
According to January data from the Social Security Administration, the average monthly survivor benefit is $1,622.32.
In addition, pension income may also change if the deceased spouse had a pension. Depending on the plan’s terms, survivor benefits may be lower than the original payments or may come as a lump-sum payout, Cox explained.
Financial advisors also note that while expenses often decrease after one spouse dies, they rarely fall by half.
“In retirement projections, we try to do 60% to 70% income replacement when a spouse passes away,” Marshall said. “You still have a lot of those expenses left.”
Be prepared for tax changes
A widow’s tax situation can also shift significantly. While it is still possible to file a joint tax return for the year in which a spouse dies, future returns will typically be filed as a single taxpayer unless there is a dependent child.
Single filers often face less favorable tax conditions, including smaller standard deductions, lower income thresholds for certain tax benefits and sometimes higher effective tax rates.
“If your income doesn’t change that much, you could find yourself in a higher tax bracket,” Cox said.
For 2026, the standard deduction for married couples filing jointly is $32,200, compared with $16,100 for single filers.
However, the smaller deduction could make itemizing deductions more advantageous. Eligible deductions — such as mortgage interest, state and local taxes, charitable contributions and certain medical expenses — could potentially exceed the standard deduction, Cox noted.
