Death of a Loved One

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In the wake of a loss, money may be the last thing on your mind.

Losing a loved one can be overwhelming and emotionally draining. And in the wake of that loss, money may be the last thing on your mind when making arrangements and picking up the pieces.

Of course, there’s no one right way for you and your family to address the most common issues that arise when faced with a loss. And while many decisions can be postponed while you’re grieving, we understand there are practical matters that may need your attention right away.

You won’t have to do this alone – you can count on us to help you with:

  • Envision life in retirement.

    Everyone’s vision is different so it’s important to define your expectations beforehand so we can appropriately plan for this next stage.

    • Identify short- and long-term goals. Think about how and where you want to live. Or how you’ll spend your days.
    • Think about the unexpected. It’s just as important to plan for these events so they don’t catch you unprepared.
    • Assess your obligations. Be realistic about how much financial help you’ll be able to give to aging parents or adult children, while covering your own needs.
    • Prepare mentally and emotionally. It’s likely you’ll experience several emotional stages as you adjust to your new lifestyle.
  • Think about how you’ll pay for it.

    Now that you’ve thought about life after your career, it’s time to think about how you’ll pay for it all to ensure it lasts as long as you need it to.

    • Determine your living expenses and decide if it is a “need” or a “want.” Don’t forget about those minor expenses that can add up.
    • Research healthcare costs. Determine which Medicare and long-term care options would work best for you.
    • Estimate your income. Coming up short? If so, decide where adjustments are needed to cover this shortfall.
    • Manage your cash flow. Consolidate accounts and set up a smart withdrawal strategy while maintaining your emergency fund.
    • Reduce or eliminate debt before you retire, especially “bad” debt like credit cards or car loans.

    Medicare only pays about 60% of current retirees’ medical costs.

    Source: Employee Benefit Research Institute

  • Continue planning for your future.

    Drawing down on assets in retirement doesn’t mean you stop planning for the future.

    • Re-evaluate your expenses and income sources to cover your needs and wants. Revisit these and your goals often.
    • Redefine your risk tolerance and keep investing to accomplish those goals.
    • Protect your legacy. Review and update beneficiaries on all accounts and all estate planning documents. And discuss your wishes with your family.
    • Get generous. Define your philanthropic goals and put a tax-efficient giving strategy in place to achieve those goals.