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.

Financial Tips For Those Who Have Lost A Spouse

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Losing a spouse can surely be one of the most difficult times in your life, and having to make major decisions (such as those related to money) can make matters even worse. However, if this situation is current in your life and you're struggling to figure out what to do next, don't give it another thought - we're here to help! Below are a few tips we've put together for you:

Think carefully: If you've experienced a financial benefit due to your spouse's loss, think very carefully before making any decisions about what to do with it. While you may be inclined to share some money with friends or family or make a large purchase in memory of your spouse, think about how your income and own personal financial needs are going to change. Though this money may be "extra" to you now, down the line it may become something you need to rely on.

Update accounts: Upon your spouse's passing, accounts such as pensions, auto insurance, and anything related to a home or property must be updated. Although changing ownership of an account may not be the first thing on your mind, it's important to do so to ensure that you don't become financially responsible for more than you can handle.

Don't rush: While you may be in a hurry to take care of all financial matters, keep in mind that your emotions may cause you to make decisions that sound right at the time, but aren't the best for your future. Before you make any moves on things like your spouse's investments or life insurance, give yourself some time to come to terms with the situation. 

Ask for help: During a time like this, you mustn't be afraid to ask for help - especially when it comes to money. Though you may want to have complete control over your spouse's assets and your financial future, rest assured knowing that there are teams like ourselves ready and willing to guide you in the right direction! 

At American Investment Planners LLC, we understand just how life changing the loss of a spouse can be, and we know that it can certainly make dealing with money much harder - but that's why we're dedicated to being there for you. To learn how we can help you sort things out during this time, please give us a call at (516) 932-5130.