Moving forward when everything stops

The loss of a spouse is an emotionally overwhelming experience, with multiple challenges to overcome, including financial ones.

While each situation is unique, there are financial considerations and steps that can help ease the burden during such a difficult time.

Firstly, dealing with immediate financial tasks quickly can give you a bit of a leg up on the chaos ahead.

This includes:

  • funeral logistics
  • life insurance claims
  • joint banking accounts and investments
  • social security benefits

These tasks can feel almost impossible in the middle of grieving, but they’re necessary to maintain financial stability.

For widows and widowers with children, there’s the added concern of planning for the financial future of their children. Making decisions about managing benefits, such as life insurance, can significantly impact future financial aid for education and other necessities.

For widows and widowers without dependent children, the concerns might shift to their long-term care needs – even more important if they spent a considerable amount on caregiving for their late spouse. Planning for potential expenses goes a long way toward financial security in later years.

If you can, delay making major financial decisions if they are not time-sensitive, especially when you’re emotionally vulnerable. Take the time to grieve and adjust to your new reality, and only do what’s necessary.

Lastly, there’s an opportunity for personal growth and financial empowerment. Widows and widowers can discover new financial confidence as they work through these challenges.

Losing a spouse is one of life’s most difficult times. Still, with careful planning and professional guidance, it’s possible to manage financial aspects effectively.

If you face this situation or wish to create a plan for the future, a financial advisor can help you with support and advice.

To book a 15-minute consultation and chat about your plan (where you are now, and where you want to be in the future), it’s easy – just click the buttons below.