One of our advisors, Monica, recently got a call from a woman who was approaching retirement. She was feeling lost and facing a situation she never planned on: her husband had passed away unexpectedly. After getting through the shock of not having him around anymore, she realized she didn’t know anything about their shared retirement accounts.
Thankfully she could call her Financial Engines representative.
While this situation is unexpected, it speaks to a problem we see often as life gets busy. In fact Money magazine actually talked about this in their August 2013 issue: people let their savings languish, leaving their investments on auto-pilot while life happens. And employees don’t realize their employer offers financial advice as part of their employee benefit package.
This advice can be especially useful when life throws you a curve; like in this case.
When Monica got the call, she was quick to reassure our client she was in good shape. The woman explained she hadn’t been working since she left the business world to have her children many years ago. Now her children are now grown, she is in her late 50s and she realized she doesn’t know anything about her husband’s retirement assets.
Together they reviewed her husband’s pension and 401(k) savings account and Monica talked through her options for income in retirement. The woman was so happy to learn the news was good and she had many choices.
© 2013 Financial Engines, Inc.