7. Create a budget
Just think how the loss of your beloved partner will affect your financial situation and determine if big changes will need to occur soon. You should create a list with your monthly expenses and income.
Add to that list your work income or any Social Security benefits and pensions you already have or can activate now and all expenses that will continue, including contributions to retirement accounts if you were still in the contribution years.
If there is a shortfall, that’s the amount you will need to draw off savings accounts to maintain your current lifestyle. If this amount would clearly wipe out your financial assets within a few years, you will likely need to make some major changes to expenses—or work income.
Be frank and conservative when evaluating the big expenses ahead, says Ginita Wall, a financial planner in San Diego who specializes in advising people going through transitions.
“If there are kids at home, project their needs now and through the college years” and consider how your finances might look under different scenarios—for example, if you don’t go back to work or decide to keep working part time, she says. “Then you can see what adjustments you need to make.”
