Do couples know that wives will likely outlive their husbands? As reported in a National Bureau of Economic Research Paper (tinyurl.com/6yfx4ep3), widows are expected to outlive their husbands by more than a decade (12.5 years).

Knowing this, should couples talk about the future? Should they prepare for financial, tax and legal questions that need to be understood by the survivor?

In my practice, the future is a natural part of open discussions, usually including tax and legal considerations. But outside of my practice, I see couples who need to talk but don't. That's frustrating for me personally, since just being aware of things that can go wrong would help avoid mistakes.

This is not a gender issue, but it can turn out to be so. It has to do with who makes the financial decisions in the household. Who does the taxes? Who invests? Who has the relationships with the accountant, the estate planning lawyer, the financial professionals and, in the case of the high-net-worth, the family's money managers?

If the survivor is not the decision-maker, he or she will likely be lost in a sea of uncertainty when it comes to finances and taxes.

Accountant Jackie Spagnolo, managing director of Andersen Tax of Stamford, Connecticut, recounted a story about a client in her 50s whose husband died unexpectedly. Her husband had a strong connection with the couple's accountant, but once the husband passed away, the new widow felt alienated. She and the accountant didn't connect properly. The widow felt her voice wasn't being heard. She wasn't comfortable asking questions. In fact, she actually felt as if she was being kept in the dark.

That's a good example of a problem that can be avoided with some planning by both husband and wife. The answer is for both spouses to be comfortable with the family's financial, tax and legal advisers.

But what about someone who has no interest in getting to know advisers, or in investing or finances? This question came up in a joint presentation that I gave with Spagnolo last week to a small group of women. (If you would like to be invited to future presentations, let me know at readers@juliejason.com.)

For example, what about a conversation with the family's tax preparer? It may be difficult for someone with no experience to ask questions.

Spagnolo offers this advice: "Don't be intimidated to ask questions. Tax concepts can be complicated, so be sure you understand what your accountant is proposing during any planning or consulting calls. No question is too small."

If that sounds difficult, you can get help in advance of a dialogue with the tax preparer. I asked Spagnolo if someone could retain her to review a tax return that has already been filed, and yes, indeed, that is possible. By doing that, you can ask anything that comes to mind. Problem solved. Be sure to find someone with whom you can easily communicate.

Spagnolo added that planning for the future is equally important: "Ask your accountant for a summary of planning ideas that you can take home with you after a meeting to digest what was discussed and come up with follow-up questions you may have."

Spagnolo also recommends meeting with your accountant at least quarterly. "Communication is important. It helps establish goals, discuss objectives or even manage cash-flow expectations. It also builds the relationship between you and your accountant. Your accountant will be very much involved in your financial situation. Tax blends through to family relationships, and having more open communications can help your accountant fully understand your objectives and what's important to you," explained Spagnolo.

The same holds true for lawyers and financial advisers.

Over the years, I've seen families sidestep the big issues that future widows will face even when the couple is aware of a life-threatening illness. It's just a hard conversation to have. Who wants to face mortality -- or the potential loss of a spouse to divorce or incapacity? Just imagine how much more difficult it will be after the fact if not prepared.

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Given that I'm always thinking about retirement investing for people of all ages, I'm always eager to share tools and resources that can be helpful if you are retired or hoping to retire securely someday in the future.

A key to retirement success is prudent decision-making, which, without exception, flows from a solid base of knowledge and experience. When test-takers on retirement financial literacy score low, that's a sign of more work to be done.

When we've talked about this subject in the past, I've mentioned a particular test conducted by the American College of Financial Services called the Retirement Income Financial Literacy Quiz. As reported in the 2023 Retirement Income Literacy Study, the quiz was administered to 3,765 Americans ages 50 to 74. The findings? Scores were scary low: The average retirement income literacy score was 31% -- well below a passing grade.

I encourage you to take 15 minutes to take the quiz to test your own knowledge. Go to: tinyurl.com/yeyrk3yj.

The test covers several important retirement categories, including retirement income, Social Security, annuities, life insurance, long-term care, Medicare and taxes.

To pique your interest, I'll give you some sample questions here. To further encourage you, you'll find the answers on the website only after you take the test. There are 38 questions overall. Taking the test will help you "assess your retirement planning knowledge and begin the journey towards retirement readiness." Here we go:

-- Choose the response below that best completes this statement: If you had a well-diversified portfolio of 50% stocks and 50% bonds that was worth $100,000 at retirement, based on historical returns in the United States, the most you can afford to withdraw each year is about (answer) plus inflation each year to have a 95% chance that your assets will last for 30 years: A) $2,000; B) $4,000; C) $6,000; or D) $8,000.

-- Choose the response below that best completes this statement: To maximize the safe withdrawal rate from a portfolio over a 30-year retirement period, it is best to hold (answer) in equities throughout retirement: A) 0-10%; B) 25-35%; C) 50-60%; D) 90-100%.

-- Which one of the following is true about cash value life insurance? A) The cash value portion will accumulate tax deferred; B) You typically cannot borrow from the cash value; C) The policy will expire after a specified period of time; D) The policy will typically cost less than a term insurance policy.

-- Nationally, who pays for the majority of long-term care expenses provided in nursing homes? A) Medicare; B) Private payment by individuals; C) Medicaid; D) Insurance purchased by individuals.

-- A deferred variable annuity with guaranteed lifetime withdrawal benefits (answer): A) Ensures that the investment account will not lose value; B) Only offers investment alternatives with fixed returns; C) Pays guaranteed income that varies based on market performance; D) Can pay income even if the investment account goes to zero.

Other topics include the age that required distributions need to be made from an IRA; when a reverse mortgage with a lump sum payment needs to be repaid; what medical expenses are covered by traditional Medicare; what is a PE ratio; and claiming Social Security benefits.

Taking this survey can give you an idea of areas where your knowledge needs to be increased. The more you understand, the more you can prepare for retirement.

You'll find the correct answers at the end of the quiz (wish I could give them to you here ...) Your results can help you decide what topics might require professional assistance. The ultimate goal is not your score on the quiz -- it's what you learn from it today that can help you with tomorrow's decisions.

And a final note: If you are interested in attending one of my virtual or in-person presentations, email me to be placed on an invitation list. Some presentations are also listed on my website (www.juliejason.com).

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As a longtime advocate of financial literacy, I believe solid financial decision-making skills need to be established early in life. That's the best time for parents to have a positive impact, since children learn from watching and listening to the role models they are with every single day.

I also believe that lessons learned early in life prevent problems later in life. Namely, my decades of experience interacting with people who lose their spouses to incapacity or death or divorce, I have seen the perils of insufficient knowledge when facing major financial decisions. The truth is that later life is a lot easier when foundational habits are formed early in life.

Efforts are improving on the national front for youth financial literacy, which I applaud. The Council for Economic Education's 2024 Survey of the States reported that 35 states now require students to take a course in personal finance to graduate (an increase of 12 states from 2022), with 28 states requiring a course in economics (tinyurl.com/3mz8hm4y). Connecticut, my home state, now requires a one-half credit personal financial education course, beginning with the high school graduating class of 2027.

Outside education efforts are helpful but not as meaningful as those made at home. Survey data tells us that the vast majority of children from ages 8 to 14 rely on their parents as the top source for advice about money (T. Rowe Price 14th Annual Parents, Kids and Money Survey -- tinyurl.com/38ud7sjj). T. Rowe Price is a global investment management firm.

Where can parents and teachers turn for help in teaching important financial concepts? Here are a few resources.

The Consumer Financial Protection Bureau website offers Money as You Grow, which is broken down into sections for young children, school-age children to preteens, and teens to young adults (tinyurl.com/2b38crnj). It also has the Money as You Go Bookshelf, which lists books for ages 4 to 10 and offers parent reading guides to help get the most interaction out of each book.

T. Rowe Price's Money Confident Kids website provides five simple financial lessons aimed at middle school and high school kids (tinyurl.com/4dzkkecs). Lessons cover goal-setting, decision-making, money and inflation, asset allocation and diversification. Guides, lesson plans and activities are available for free on the website.

The Federal Deposit Insurance Corp.'s Money Smart for Young People features free resources for educators and guides for parents and caregivers (tinyurl.com/3bkt6b6x). The resources are separated into four age-appropriate sections that span from pre-kindergarteners to high school seniors.

The Connecticut State Department of Education's Financial Literacy Course Kit helps teachers prepare to teach financial literacy curriculum, covering topics from behavioral economics and managing credit to paying for college and dealing with taxes (tinyurl.com/2j9nknz8). The kit also includes references to additional resources that schools and parents can access.

Also be sure to check out the National Standards for Personal Financial Education, which is created by the Council for Economic Education and Jump$tart (tinyurl.com/53z3dbes). Focus on Grade 4, in particular. The categories include earning income, spending, saving, investing, managing credit and managing risk.

In the end, the most important thing to remember is this: The sooner a child learns how to make sound financial decisions, the better he or she will be able to avoid mistakes in the future.

While you are working on your own financial planning, think about how to engage your children in a way that builds their knowledge and confidence in making wise financial decisions well before they are on their own. You are, after all, the best role model.

On another note, I'm in the process of putting together a program for widowed and divorced women who have not had a chance to become confident in making important financial decisions. If you have any interest in telling your story for the benefit of column readers or in attending such a presentation, please email me at readers@juliejason.com.

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