A financial checklist for widows and widowers

Featured on Mass Mutual

By Shelly Gigante

Widows and widowers, beyond emotional loss, contend with a host of financial challenges in the aftermath of losing a spouse. These include paying for medical bills left behind, covering funeral costs, and contacting insurance companies. And an uncomfortable truth is that many also face a drastically different financial future.

Their income tax bracket may change. They may assume the role of bill payer and investment account manager for the first time. In the case of retirees, the surviving spouse also loses a second Social Security check, making it potentially more difficult to make ends meet. Some 6 million widows and widowers receive Social Security survivor’s benefits, according to the AARP.1

“Widows and widowers have to understand that when their partner dies, typically, their income goes down with the loss of one Social Security benefit and a possible reduction in pension benefits,” said John Iammarino, president and founder of Securus Financial in San Diego, California, in an interview. “And while their income goes down, their taxes may go up.”

By educating themselves about financial help for widows, their options, and working closely with a trusted financial professional, however, widows and widowers can reclaim control over their assets, bringing peace of mind at a difficult time.