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

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.