Getting used to life as a single person after years of marriage is one of the most stressful experiences imaginable. To ease the path, it’s essential to undergo careful financial planning after death or divorce to make sure you’re on the right track — but not right away.
Experts say you’ll need time to process the emotions associated with the loss of a spouse. Making rash or uninformed decisions during this period can backfire, including jumping into investments or loans. But when you feel ready, make a new budget based on your updated income and expenses, and evaluate your longer-term financial picture, including the state of your retirement plan and/or retirement income.
When financial planning after death or divorce, you’ll also want to review potential changes in Social Security benefits and health care needs. And keep in mind that women and men face different challenges when preparing for their financial futures alone.
If you need guidance sorting through the information, consider reaching out to a professional. A financial advisor can help you view your situation and options clearly. He or she may also assist in creating a sound financial blueprint for the future.