By Managing Director & Senior Advisor Jennifer Smiljanich, CFP®.
Confident. Secure. Serene. These adjectives go out the window when we experience the loss of a spouse. Suddenly, the whole world can seem daunting and unfamiliar. How does one find their footing and balance?
We know that losing a spouse is one of the most stressful challenges of our lifetime. AdventHealth ranks the stress level above other life events, like divorce, job loss, new responsibilities in marriage, or becoming a parent.[1]
When you lose a loved one, particularly a spouse, we are here for you. We have helped many individuals over the last twenty-seven years find their footing and renewed confidence. How do we do that?
First, we understand that a surviving spouse needs time to grieve and to find a path forward. It is a process, and it takes time. You need to be with family and loved ones. You’re learning to live without them, and it includes taking over new responsibilities, changing family dynamics, spending time alone, and struggling with a new normal. Grief isn’t limited to a state of mind, and it doesn’t just gradually fade. Many times the last thing a surviving spouse wants to be doing is making financial decisions.
We encourage the surviving spouse to be patient and deliberate to make financial decisions, especially those that are significant. A family member of mine confided that for a year after her husband passed away, she felt like she was in a fog. She had a difficult time remembering things and felt panicked at the thought of having to decide. At this stage, we want to help the survivor evaluate financial steps that should be taken – reviewing benefits, pensions, medical plans, and Social Security.
Finally, as time goes on, we can help with financial education and co-thinking longer-term decisions. Chances are the deceased spouse managed at least some of the financial decision-making. For us, helping the survivor feel confident that their investments are positioned to help them achieve their goals is important. We can help model decision-making for the longer term, perhaps downsizing or moving to a single-story home; considering a move closer to adult children or other family; gifting to family or charity; or adjusting estate documents to account for changes in circumstances. Our goal is to ensure you have all the facts to make thoughtful decisions.
As SJS has developed our relationship with you over the years, we have celebrated your successes and joyful times, and have been honored to be of service to you in your times of personal challenge and loss. We stand ready to be there when you need us to listen, or to hold a hand. You come first.
Important Disclosure Information & Sources:
[1] “Death of a Loved One is the Number One Stress Driver — Learn How to Cope“. AdventHealth, 05-Mar-2019, adventhealth.com.
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Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.
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