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3 Steps to Protect Your Finances After the Loss of Your Spouse

  • Writer: Jordan Roberts
    Jordan Roberts
  • May 28, 2024
  • 1 min read
Widow financial advisor Greenville SC peace through planning

Navigating finances after the loss of a spouse can be overwhelming. Focusing on three key areas—building a relationship of trust, consolidating investment accounts, and determining sustainable annual spending—can provide clarity and security.


1. Find a trusted advisor.

As a widow, having a trusted advisor who understands your unique situation and long-term goals can offer comfort and stability. An empathetic advisor can guide you through difficult decisions, ensuring your financial plan aligns with your needs and priorities.


2. Consolidate investment accounts to simplify financial management.

After losing a spouse, you may find yourself managing multiple accounts. Consolidation helps streamline your finances, reducing confusion and making it easier to monitor and adjust your investment strategy. It also often leads to better investment performance and lower fees, enhancing your financial wellbeing.


3. Determine a sustainable annual spending plan.

This involves understanding your new financial landscape, including any changes in income and expenses. A sustainable spending plan ensures that you can maintain your desired lifestyle without depleting your resources. Your financial advisor can help you create a budget that reflects your new reality, allowing for both short-term needs and long-term security.


In summary, by focusing on these three areas—building a trusted advisor relationship, consolidating investment accounts, and establishing a sustainable spending plan—you can navigate this challenging time with greater confidence and peace of mind.

 
 
 

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© 2022 by Jordan Roberts. All rights reserved.

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Parallel Financial, LLC is a member firm of The Fiduciary Alliance, LLC which is a registered investment adviser. A copy of The Fiduciary Alliance’s current written disclosure statement discussing The Fiduciary Alliance’s business operations, services, and fees is available at the SEC’s investment adviser public information website www.adviserinfo.sec.gov or from The Fiduciary Alliance upon request. This website is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security or other investment, or to undertake any investment strategy. Opinions expressed herein are solely those of The Fiduciary Alliance, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation.

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