Financial Roadmap for the Suddenly Single
After the sudden loss of a spouse, it can be difficult to think straight—especially when it comes to finances. Although many people suggest holding off on big financial decisions after the recent death of a spouse, there are some things that just can’t wait.
Categorize which financial moves you need to make now, and which ones can wait until later.
Do It Now
Gather documents and passwords — Items you’ll need right away include birth and marriage certificates, Social Security numbers, current financial statements, company benefit and retirement papers, car titles, and powers of attorney. Ask the funeral director for up to 25 copies of the death certificate.
Assemble a financial support team — Get referrals for accountants, estate planning lawyers, and financial planners.
Take stock of income and expenses — If your spouse had been receiving a Social Security benefit and you were receiving a 50% spousal benefit, call the Social Security Administration, 1-800-772-1213 (TTY 1-800-325-0778), to change your spousal benefit to a survivors benefit. You cannot apply online. Some expenses will disappear, such as your spouse’s Medicare premiums.
Call the deceased’s employer — The benefits administrator can tell you about benefits you’re entitled to, such as pension benefits, unpaid salary and bonuses, stock options, accrued vacation and sick pay, insurance, and leftover funds in medical flexible spending accounts.
Do It Later
Make major purchases or changes in your finances — Many well-meaning people will give you advice at this time—whether it’s investing in a stock or selling your house. Wait a few months to get your bearings and adjust to life without your spouse before making any big financial moves.
Change living situation — Eventually, it might be beneficial for you to downsize your living situation or move closer to family. Give yourself some time to mull over the right living situation for you.
The death of a spouse can plunge anyone into a grief-stricken panic. Isabella Community Credit Union is here to help you by providing guidance with your financial situation and answer any questions you may have. Contact us at 989-773-5927 or set up an appointment online.