Many seniors will experience grief over the loss of their spouse throughout their golden years. Seniors who find themselves widowed will also need to deal with some significant financial commitments, which will make it even harder for them to grieve the loss. You can step up to support them throughout the process, as the last thing a mourning person wants to do is go through their bank or insurance records. Here are some steps to take if you and your loved one have recently lost a spouse, and why you should consider an assisted living facility in Snellville, GA, as a potential solution.
Get the Important Documents Sorted out
You and your loved one need to locate several pieces of their spouse’s key paperwork before making any major decisions. You will require a long list of documents, including their identification, will, retirement account information, life insurance policy information, tax records, mortgage statements, utility bills, and more. Make sure you also request for copies of their death certificate. You or your loved one may have kept everything organized and filed away, or you may have to do a little digging. Once you find the paperwork you need, organize it for future use.
Conduct Financial Planning
Your loved one may not have a clear understanding of their financial situation or their actual monthly cost of living if their spouse has traditionally handled the family payments. There is no assurance that your loved one will receive any benefits following the passing of their spouse. This sum could actually help by giving them a bit more breathing room in their budget.
Spend some time discussing the figures and creating a budget that properly accounts for their updated income and expenses. Take into account their Social Security benefits, IRA distributions, any pension payments, and any changes to their tax filing status. Find ways to save for them if they need to reduce their discretionary spending.
Should You Sell Your House?
Your loved one may be burdened by funeral costs and medical obligations following the passing of their spouse. Some seniors decide to sell their homes in order to pay for their spouse’s final expenses. Then, in order to find some company, they can downsize and move into a smaller house or settle in a retirement community.
Just make sure you and your loved one weigh the pros and cons of selling their home to decide on if it is the best decision for them.
Cost Savings of Moving to an Assisted Living Facility
It’s a common misconception that retirement communities are expensive and a more costly option than retiring at home. In fact, when you factor in the cost of home upkeep, shopping for groceries, and paying for gas if you own your own car, moving to an assisted living facility might be the more cost-savvy option in the long run. This is because things like a dining plan, housekeeping and maintenance, and even chauffeured transportation are all included in the fee you pay to stay in the community. Consider assisted living for you or your loved one today!
