The loss of a spouse can be very difficult. Not only can it take an emotional toll, but it can also cause one to suffer financial loss. Fortunately, there are things that can be done to help widows cope with financial loss. Below is a list of tips for coping with financial loss:
Do Not Make Any Big Financial Decisions
It is not a good idea to make any major financial decisions after the death of a spouse. This includes things such as cashing out accounts and investments. Take the time to gather all of your bills and financial information before making any decisions.
Get Organized
You will need to sort through all of your bills and financial paperwork. You can use binders and color-coded folders to sort through your bills. Sorting through your financial information will make it easier for you to get back on track.
Organize Bills
Once you have gathered all of your bills together, you will need to organize them. You should create a triage of the most important bills. This includes things such as your mortgage, utilities and insurance.
Do Not Start Using Your Retirement Accounts Too Early
You do not want to tap into your IRA or 401K accounts too early. You may have to pay fees if you take funds out of these accounts too early. Make sure that you find out about the financial penalties before you take any funds out of your 401K or IRA accounts.
Review Your Social Security Benefits
Widows have the option of using their own social security benefits or the survivor benefits. You can choose one option and switch to the other one later. However, you have to the choose the option that makes the most financial sense for your family. A financial expert can help you make the right decisions.
Consult With A Professional
It can be difficult for you to try to deal with your finances on your own. That is why you should consult with a professional. A professional can help you make the right decisions regarding your financial future.
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