Finance Tips: Going through the loss of a Spouse is provided by Edward Jones for use by Troy Kunz. This article is published in the Fall/Winter, 2024 Edition of Vibrant Senior Options Resource Guide Magazine.
Going through the loss of a spouse is a painful experience. Additionally, widows and widowers must deal with a range of financial issues. If you or someone you know is recently widowed, what steps should be considered?
For starters, don’t rush into any major decisions. Wait until you feel you can look at things objectively.
Review Your Finances
Review your finances. Look at your entire financial picture — your assets, investments, debts, and income. If you and your spouse had communicated well about finances and shared decisions, you wouldn’t encounter any big surprises. But if your spouse was the partner who handled financial matters, you may need to get up to speed quickly on what you have and what you owe. If your spouse has provided most of your household income, you must also determine what lifestyle changes you may need.
Life Insurance
You will also want to look at insurance. If you are to receive a death benefit from your spouse’s insurance policy, what will you do with the money? It may prove helpful in funding your retirement or meeting other finance goals. But you’ll also want to be clear about what other beneficiaries, such as your children, might receive. Also, consider your policies to determine if you need to update your beneficiaries.
Social Security Options
Review your Social Security options, as you may be eligible for survivor’s benefits. Be sure to investigate your own Social Security retirement benefits as well. You can’t take both, but you will receive the larger of the two. For more details on receiving Social Security benefits, visit the Social Security Administration’s website at www.ssa.gov.
Estate Plans
Finally, review your estate plans to see if anything needs to be changed. Keep in mind that you don’t have to go it alone. Few events are as sad as losing a spouse. But when you feel ready, start taking the steps necessary to continue forward on your life’s journey.
This content is provided by Edward Jones for use by Troy Kunz, your Edward Jones financial advisor at (360) 293-4581.
Troy Kunz
www.edwardjones.com/troy-kunz
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360-293-4581
