Navigating major life transitions is stressful, regardless of whether they are anticipated rites of passage, such as a marriage or the birth of a child, or unexpected events, such as a divorce, personal illness or death of a spouse. While these changes are inevitable, they need not be emotionally or financially devastating. This is especially true when you take the time to gather required information, seek professional advice and prioritize your needs and goals.
Transitioning from “what was” to “what will be” can trigger a landslide of time-sensitive financial and estate planning questions. Will I be able to continue paying my current expenses? Will I have additional funds to save for my retirement or my child’s college education? How will I ensure the long-term financial security of my family members? Rather than attempting to make rash decisions that can have long-term emotional and financial repercussions, allow yourself the time to take an inventory of your life, your needs, your dreams, and how your current circumstances may impact these factors.
Consider the things in life that are most important to you, including your personal health and family relationships. Are there areas in your life that need improvement? How does money influence your happiness? What additional resources do you need to live your best life? Next, drill down to review how your current circumstances may change the next chapter of your life. Will you need to update your legal documents and named beneficiaries? Do you have ample insurance to provide for your loved ones if you can no longer do so? Are your investments still aligned with your needs and time horizon?
It is critical that you designate this time of self-discovery as a decision-free zone. A time in which you avoid making any conclusions, resolutions or permanent, long-term commitments that can ultimately impede the success of your life transition. Instead, seek the assistance of a financial planning professional who can walk you through a myriad of scenarios before developing or implementing a strategic plan to help you adapt to and thrive in your new normal.
About the Author: Kathleen Marteney, CRPC®, is a financial planner with Provenance Wealth Advisors (PWA), an Independent Registered Investment Advisor affiliated with Berkowitz Pollack Brant Advisors + CPAs, and a registered representative with PWA Securities, LLC (PWAS). She can be reached at (800) 737-8804 or via email at info@provwealth.com.
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Kathleen Marteney is a registered representative of and offers securities through PWA Securities, LLC, Member FINRA/SIPC.
This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct.
Any opinions are those of the advisors of PWA and not necessarily those of PWA Securities, LLC. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of PWAS, we are not qualified to render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional. Prior to making any investment decision, please consult with your financial advisor about your individual situation.
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Updated June 7, 2024