Back to After Bereavement
Module 5 of 6
Long-Term Financial Planning
Building your financial future and planning for your own needs.
15 min read
Long-Term Financial Planning
After the immediate tasks are handled, it's time to plan for your financial future. This module helps you build a sustainable financial plan.
Reviewing Your Income
Calculate your new monthly income from:
- Your salary or pension
- Widow's pension from your partner's schemes
- State benefits
- Investment income
- Rental income
Creating a New Budget
Your expenses may change significantly:
- Housing costs might reduce
- Bills for one person instead of two
- But you may face new costs too
Building Financial Security
Emergency Fund
Aim for 3-6 months of expenses in accessible savings.
Protection
Review your own life insurance and critical illness cover.
Retirement Planning
Ensure you're saving enough for your own retirement.
Investments and Savings
If you've inherited a lump sum:
- Don't rush into decisions
- Consider ISA allowances
- Think about your risk tolerance
- Get professional advice for large sums
Tip: It's often recommended to wait at least a year before making major financial decisions after bereavement.
Seeking Advice
Consider consulting:
- An independent financial adviser
- A tax adviser for complex estates
- A solicitor for will review