When a loved one dies, the surviving spouse is often left to pick up the pieces. They may have to deal with their grief while also taking on new financial and household responsibilities. According to Bill Schantz, this can be difficult, but there are ways to cope.
If you are a surviving spouse, your life just changed dramatically. Here are some financial tips by Bill Schantz to help you get through this difficult time.
Surviving Spouses: Financial Tips for Making It on Your Own by Bill Schantz
1. Know Where You Stand
When a spouse dies, the surviving partner is often left in a difficult financial situation. If you are facing this situation, it is essential to know where you stand financially.
According to Bill Schantz, the first step is to create a budget and identify your sources of income. Once you clearly understand your financial situation, you can begin to plan how to best use your resources. You may need to make some lifestyle changes to reduce expenses.
In addition, you should try to build up savings to have a cushion in case of unexpected expenses.
2. Review Your Insurance Coverage
As the surviving spouse, you will have many decisions after your loved one’s death. One of the most important will be reviewing your insurance coverage. Although you may have had a joint policy with your spouse, you will likely need to adjust your coverage now that you are on your own.
According to Bill Schantz, it is essential to review your beneficiaries. If you have named your spouse as the primary beneficiary on your life insurance policy, you will need to update this information now that they are gone. The same goes for assets such as retirement or investment accounts.
3. Get Help From a Financial Planner
As a surviving spouse, you have likely taken on a great deal of financial responsibility. If you are not used to handling household finances, it can be overwhelming to make sure all the bills are paid on time and that there is enough money left over for other essentials like food and clothes. A financial planner can help you control your finances and make the most of your money.
In addition, a financial planner can guide how to invest your money so that you can build your wealth over time. If you are struggling to make ends meet, or if you want to gain peace of mind about your finances, consider meeting with a financial planner.
Bill Schantz Recommends Taking Help From the Government
The loss of a spouse is a devastating event. Not only must the surviving spouse deal with the emotional fallout, but they also face the daunting task of managing the finances
The government offers several benefits that can help ease the financial burden. For example, the surviving spouse may be eligible for Social Security survivor benefits, which can provide a much-needed source of income.
In addition, the Internal Revenue Service offers a tax exemption for the surviving spouse, which can help to reduce the tax burden.
The government also provides other benefits, such as survivor’s pensions and death gratuities, which can help to offset some of the costs associated with the death of a spouse.
While no money can ever replace a loved one, these tips can help make the transition to life after loss a little bit easier.