The death of a spouse is a challenging and often unexpected life transition that many women face.
The average age of widowhood in Canada being just 56 years old, it's crucial to prepare both financially and emotionally for this tragic possibility.
At the Morson Carson Wealth Counsel, we understand the unique challenges that come with losing a spouse, and we're here to provide the support and guidance you need during such a difficult time.
A Personal Perspective
Besides having access to an incredible array of checklists, to do lists, and a team of experts, Susan Carson also has personal experience with losing a spouse.
Susan brings a deep empathy and understanding to her role as a wealth advisor. Losing her spouse at the age of 46 was a life-changing experience, giving her a profound insight into the emotional and financial complexities that come with widowhood.
This personal journey, combined with decades of experience in wealth management, drives Susan's commitment to helping other women navigate their own paths with confidence and resilience.
The Importance of Preparation
One of the most crucial steps in preparing for widowhood is comprehensive estate planning. This includes making informed decisions, together, about your spouse's pension (if applicable) and Canada Pension Plan. Selecting the optimal time to start collecting as well as survivor’s benefit is key.
Considerations might include what's best for a family-whether to opt for life insurance or mortgage insurance.
While many choose mortgage insurance when taking out a mortgage, personal life insurance offers greater flexibility and benefits. Unlike mortgage insurance, which only pays off the remaining mortgage balance, personal life insurance provides a lump sum that can be used for various financial needs, such as daily living expenses, education costs, or even taking time off work to grieve and adjust.
Steps to Take After Loss
After the loss of a spouse, managing inherited funds and ensuring ongoing financial stability is paramount. At Richardson Wealth / Morson Carson Wealth Counsel, we help you navigate these complexities, offering tailored advice to ensure ongoing financial stability.
Our role extends beyond financial advice. We provide empathetic support, helping you cope with your loss and adjust to your new circumstances. Whether it's guiding you through the immediate financial decisions or long-term planning, we're here for you every step of the way.
Empowerment through Planning
We believe in empowering women through thorough and thoughtful financial planning. By preparing for the unexpected, you can live your best life, knowing that you and your loved ones are protected. Our holistic approach ensures that all aspects of your financial well-being are considered, from estate planning to everyday financial management.
For more information on how we can assist you, please contact us directly. We're here to support you every step of the way.
Contact our team through debra.scott@richardsonwealth.com, or 778.541.9925.