First of all, don’t make any quick decisions. Take your time. If you have close family members whose advice you value or a close financial advisor or a clergy member… anybody whose advice you value, spend time with that person. Don’t feel under pressure to make any quick decisions.
When you’re ready to deal with it, sit down with a financial advisor and/or a close family member and take an inventory of the assets that you have available. Your financial advisor can help you make a list of IRAs, 401 (k) s, and pensions that you might be eligible for, and what the survivor benefits are for Social Security. There may be a lot of moving parts here, and don’t get overwhelmed by them. Talk with somebody who has dealt with these things multiple times before and is able to help walk you through this in a measured manner. The right financial advisor can help you look at the pros and cons of each asset and how best to use those to make sure that you have the secure income that you need for the rest of your life.
Obviously, anyone dealing with this type of loss is experiencing a lot of grief. Sometimes that can lead to decisions that aren’t the best, which is one reason to take your time. It’s another reason to work with a certified financial planner who is legally a fiduciary. That means that the certified financial planner has a legal obligation to put your best interests ahead of their own. Also, if you can, you should work with a financial advisor who has experience dealing with the types of issues that you’re dealing with, who has dealt with people in similar situations, and can help guide you through the decisions that you will have to make to make sure you are using the assets in an optimum way.
No one can really understand what you’re going through right now, but we have worked with people in your situation many times. If you have questions about issues that you are faced with, or if you are ready to sit down and just take a look at the whole situation and decide what the next steps should be, we’d be happy to meet with you.