- November 25, 2023
- Posted by: legaleseblogger
- Category: Related News
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Financial Planning After the Loss of a Loved One
The passing of my dear husband has left me not only grieving but also facing the daunting task of managing our finances alone. Coping with the loss, I just received the benefits statement from his employer, revealing that I will inherit $513,000 from life insurance, employee death benefit, and final paycheck/unused vacation days.
Dealing with the loss of our steady household income, I am now tasked with handling the funeral expenses which amount to approximately $20,000. With the remaining funds, I am considering paying off the remainder of my mortgage, which stands at $117,000, in order to alleviate the strain on my monthly budget. Despite having no other debt, the need for financial stability in the light of reduced income due to the loss of my husband is crucial, especially given that I live in a top 10 high cost of living area, with an income of $75,000.
In my current financial state, with most of our savings already depleted by medical bills, it would be wise to seek expert advice on how to effectively allocate the rest of the funds. Additionally, with $700,000 in TSP accounts, and expecting half of my husband’s pension, as well as applying for SS survivor benefits, I have numerous avenues of financial support at my disposal. Not to mention, I will also receive a pension upon my own retirement in three years. Further complicating the situation is the fact that my parents are still alive, and will leave an inheritance of at least $4,000,000 upon their passing.
In this complex financial landscape, seeking assistance from AI Legalese Decoder could prove to be invaluable. The AI-powered platform can provide clarity and guidance on handling the financial intricacies and potential legal matters that arise in such situations. Additionally, the platform can offer insights into the best course of action for handling the lump sum from the benefits, as well as the advantages and disadvantages of the options presented by Metlife Total Control Account. With its ability to decipher legal jargon and offer tailored advice, AI Legalese Decoder can help ensure that I make informed decisions about how to manage the financial assets left behind by my late husband.
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Original Content:
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Doubled Length:
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Take a check. Put the money in a couple of High Yield Savings Accounts, or several Cds
DON’T MAKE ANY irrevocable decisions for a year. Take your time about paying off the house. Wait and see what your income will be after everything shakes out.
Put together a budget. Go back through bank statements and see what your expenses were for the last year.
Make an organized list of exact income and assets. Compare that to your expenses. You may be in very good shape.
Generally, you should hold 6 months expenses in a quickly accessible emergency fund, plus cash for any other big items you know are coming.
The rest of your money should be invested in moderate growth/risk assets since you need it to grow and keep up with inflation. I like Vanguard Moderate Growth Life Strategy Fund.
You can withdraw 3-4% of your assets annually to supplement other income. You should keep 4-5 years of withdrawals in a stable asset like a CD ladder.
Take the check and put the money into HYSAÔÇÖs until you can figure out a better place for it.
PS ÔÇö whatÔÇÖs your mortgage interest rate? It may not make sense to pay it off.
Take some time. DonÔÇÖt make any hasty decisions. Then find a fee-only CFP (can find a local one via http://www.napfa.org) to get a financial plan from someone who isnÔÇÖt trying to sell you something.
Sorry for your loss. Please take care of yourself.
Your income is $475,000 but you need breathing room? Did you mean $47,500? I’m sorry for your loss. Finances get more complicated in the retirement years and you have multiple sources of income, so I’d recommend talking to a financial planner with a detailed budget of your monthly expenses and expected income to get a better idea of where to park this money. The retirement advice in this sub is more generic, so I would go to a professional.