Surviving the loss of a spouse is never easy. Besides the obvious pain and loss felt, there is often an overwhelming amount of financial business to tend to. Unfortunately, credit card bills still needs to be paid, banking matters need to be appropriately handled, as do insurance matters. For those in an immediate cash crunch, a loan till payday or a cash advance may be arranged in order to gain a little breathing room. However, even with a short-term personal loan, it is very likely that other pressing financial matters will need attention, too.

Financial preparedness is empowering

While no one likes to think about being a surviving spouse, the sad reality is that people are placed in these situations every day. Knowing what to do ahead of time, however, can make a world of difference and can actually help ease some of the stress at that time. Therefore, everyone married or in a committed relationship owes it to themselves to know a few basic financial steps to recovery after the loss of a spouse or partner.

Here are a few financial tips that will help upon losing a spouse:

A New Banking Account

Open a bank account as a single person. Most people already have one, but if not, this is the time to open an individual checking and savings account for all future transactions.

Death Certificates

Request approximately fifteen certified copies of the departed person’s death certificate. The funeral home can help with this request or they can be obtained through the county office, which keeps a filing of marriage, birth and death certificates. These will be necessary in order to change deeds, names on bank accounts and other investments, and to collect any insurance monies.

Look for additional insurance policies

Call all of the credit card companies and banks that the departed held accounts with and inquire as to whether or not the person had any insurance policies with them. Often, companies offer insurance at a minimal cost and it is not uncommon for people to sign up for these on a whim. Loved ones are sometimes surprised to find out that their spouse had additional coverage through one of these means.

Contact credit card companies

If credit cards were held jointly, it is important to notify each credit card company of the spouse’s recent death. Be prepared that some companies will lower the credit limit on the card they offer, particularly in cases where the limit was based on the income of the deceased spouse.

Before paying credit card debt

If there is a balance remaining on credit cards that was created by the deceased spouse, it is best to speak to an executor or an attorney before paying these cards off. Often, debt matters are handled through what is called a probate court, which creates a schedule for paying remaining debts out of any monies that belong to the deceased person’s estate. There is no guarantee that matters will be handled this way, but as a precaution, it is best to speak to a professional first.

Update a will or trust

Keep in mind that the surviving spouse’s trust or will also may need to be changed. This is especially true if the living spouse intended to leave all of their assets to the spouse who has just departed. It is important to select a new beneficiary right away for things like life insurance policies, retirement plans and other investments.

When grieving, wealth education is empowering

Overall, the period of time immediately following the loss of a spouse is devastating. Amidst a sea of emotions, handling financial affairs can be a daunting task. This is a good time to lean on someone who is trustworthy and capable of helping with these matters. Always keep in mind that a personal loan or a cash advance is available to assist with immediate financial needs, which can make a world of difference when in the midst of such an upheaval. Finally, although the road ahead may seem difficult to navigate alone, it is not impossible. Although it is not the answer to every problem faced during a period of grief, a good financial education can empower a person to take the steps needed to begin rebuilding their future, once again.

Many retirees are looking for debt relief as they settle their finances. After years of wise saving and careful investing, you may find yourself on the brink of retirement. Although you may be tempted to quit immediately and look for a nice quiet home to retire in, there are still some things that should be addressed. Here are some things to settle before leaving the workforce for good.

Your retirement funding

First you need to figure out the amount of funding you need to retire. At the beginning of your career it was more difficult to estimate future expenses. Now that you’re on the brink of retirement, you know how much you need to sustain your lifestyle and have extra daily cash. Make sure you address the following issues when assessing your retirement fund.

• Where do you plan to live? Do you plan to keep your home? Do you still have some mortgage payments left? Will you sell your home and downsize?
• Consider the length of time you need funding for. Statistics show that the average man today lives until 82 and the average woman lives until 85. That means you need on factor in about 20 more years of retirement funding.
• Are you planning to work part time? If so, you’ll still be generating an income to work into your calculations.
• What will your lifestyle be? Normally 60 to 80 percent of your current income is how much you’ll need after retiring. However, that doesn’t include extras such as travel, starting a business or helping fund a grandchild’s college. You may need to keep the same income during retirement.

Estimate income

Put together a list of all your income sources. This should include pensions, Social Security and investment income. Add the cash value of your life insurance policies, income from real estate and the equity you have in your home. Deduct any payments you are going to need for debt relief, and that should give you the extra funds you’ll have monthly.

Financial planning

The next step is to figure out how much money you’ll be withdrawing from savings and what rate you will be depleting it. A standard figure is to liquidate 5 percent of the principle each year of retirement. Again, this number must be customized based on your plans for retirement.

You also can look at your tax-deferred and taxable investments. Your tax-deferred investments naturally compound and they have a greater potential value. Earnings and deductible contributions however, are subject to taxes once withdrawn.

There are also RMDs, or required minimum distributions, to consider. These numbers are based on the IRS life expectancy tables. If you don’t take the right distribution on schedule, you could be subject to up to 50 percent of the required amount. Be sure to check with your retirement planner to stay aware of all changes in these rules.

A rock-solid will can help you

To fully settle your retirement planning, you must address your will and the distribution of your estate. A rock-solid will can help to quell any arguments or fights about money issues from those who you name as beneficiaries, and those who you don’t. Also check to make sure the beneficiaries on all retirement accounts and life insurance policies are current.

Enjoy your Retirement

Finally, once the above items are settled you can cruise into your official retirement. It pays to do some careful planning to make sure your finances are in order. You don’t want to leave open-ended wishes or your family to manage your debt relief. Take aim to sort through your retirement so everyone can enjoy it. Then, you can rest and have some peaceful years, and your family can enjoy knowing you’re taken care of.