3 Financial Tips Every Widow Needs to Hear

Losing a loved one is never easy, especially when that loved one is a spouse. Nearly 1 million women experience widowhood annually, half of which will live for at least 15 more years. The grieving process can leave victims heartbroken, distressed, and financially uncertain.

While only time can heal heartbreak, these three tips from American Investment Planners will at least help to bring clarity to your financial situation.

Don’t rush into any major, irreversible decisions.

Recent widows have many financial decisions to make, but most of them don’t need to be made right away. The grieving and mourning process can impact the way your brain functions and makes decisions. Handle only the urgent matters at first, such as reexamining your cash flow, making sure your bills are paid, and filing for death benefits. Wait until your cognitive function has returned to normal (up to three months or more) to make other, more important decisions.

Beware of new friends, family members, and financial experts.

A widow with a sudden influx of new money usually finds herself surrounded by people who want to “help”. These may be old friends, distant family members, or a salesperson with a sure-fire investment. Even if your spouse’s insurance plan or retirement account paid out a large sum of money, it is important to remember that you are not rich. Think very carefully before spending or giving away even a dime.

Get an objective review of your financial situation.

The death of a spouse can greatly alter your long-term financial plans. Family or friends may offer their advice, but they may not know your entire situation, and likely lack professional experience. You should seek guidance from someone who is unbiased, well-informed and qualified to offer financial insights. The financial advisors at American Investment Planners, LLC will sit down with you, listen to your needs, and offer comprehensive suggestions. To schedule an appointment with one of our consultants, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Widows interested in learning more about financial management should attend our Ladies Luncheon in Woodbury, New York on Monday, May 22, 2017. The seminar will be lead by author Bea Lewis, most known for her book, “A Widow’s Journey: How I went from loss, to learning, to moving on.” Seating is limited. Guests must register by May 15th. Call (516) 932-5130 to reserve your spot.