Episode 2392
Welcome to a new week here on the Retirement Quick Tips Podcast! I’m your host, Ashley Micciche.
This past weekend, I was camping in 100-degree heat with my kids, while my husband had the wisdom to stay home in the air conditioning with our youngest. I was busy packing and stuffing four bikes, three camping totes, two propane tanks, and—yes—basically a partridge in a pear tree into our minivan. So instead of the usual short daily episodes, I’m mixing things up this week and bringing you one longer episode.
One of the realities of being a financial advisor is death. Clients die, and it usually happens at least a couple of times a year. When it does, and there’s a surviving spouse, part of my job is to make the financial transition as seamless and stress-free as possible. Because when you’re grieving the death of a spouse, the last thing you want to worry about is money—or worse, the power being shut off because you couldn’t log in to pay the electric bill.
Over the years, I’ve helped many widows and widowers through this transition, and I’ve developed a Widow’s Financial Roadmap. The key is to have this roadmap in place before something happens—before you get sick, become incapacitated, or pass away. If you don’t, your spouse may be left without the information they need to keep the household running smoothly, and the stress of grief will be compounded by financial confusion.
If you’re new to the podcast, a quick introduction: I’m the co-owner of True North Retirement Advisors, a fee-only fiduciary financial advisory firm managing over $450 million in assets. For 17 years, I’ve helped my clients retire with confidence. And here on the podcast, I take complex retirement topics and turn them into clear answers in just a few minutes each day—so you can spend less time stressing about money and more time living.
If you know someone who would benefit from this week’s topic, please share the show. And if you have a burning question about your own retirement, visit truenorthra.com where you can book a free 15-minute call with me.
Now, let’s talk about the roadmap. I’m going to lay this out in order—what to do first, and what comes next. Hopefully, you’ve already checked some of these items off, but there may be a few you haven’t thought about.
Step 1: Create a Financial InventoryI’ve talked about this on the podcast before, but it’s worth repeating. A financial inventory is essentially a table of contents for your finances.
It should include:
Bank and investment accounts (with balances, account types, and where they’re held).
Insurance and annuity policies.
Will or trust.
Social Security information.
Tax returns.
Marriage certificate.
And eventually, your death certificate.
Without this inventory, assets can be forgotten or lost. For example, maybe you still have a 401(k) at a former employer that your spouse doesn’t know about. Without documentation, that money could remain unclaimed.
This inventory should also include a list of your key advisors and their contact information—your financial advisor, CPA, attorney, insurance agents, and even the phone number for the bank where your checking account is held.
One mistake I often see, especially later in life, is not consolidating accounts. People keep money scattered acr
Published on 2 weeks ago
If you like Podbriefly.com, please consider donating to support the ongoing development.
Donate