Losing a spouse is a terribly painful experience.
Unfortunately, widows and widowers also must deal with a range of financial issues.
If you’ve recently been widowed, what moves should you consider?
For starters, don’t rush into any major decisions.
Wait until you feel you can look at things objectively.
But do look at your overall financial picture - your investments, assets, debts, and income.
It’s important to get a sense of where you stand.
You’ll also want to look at insurance.
If you will receive a death benefit from your spouse’s insurance policy, what will you do with the money?
And you might also want to look at your own policies - do you need to change beneficiaries?
And review your Social Security options.
You may be eligible for survivor’s benefits, but you’ll also need to consider your own Social Security retirement benefits.
You can’t take both, but you will receive the larger of the two.
Finally, review your estate plans to see if anything needs to be changed.
Keep in mind that you don’t have to go it alone.
A financial professional can help you make the choices that can keep you moving forward on your life’s journey.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson. Member SIPC.
