2. Identifying your sources of income


Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Divorce
Death of a Life Partner
Military Life


Identifying your sources of income. “What income will I have to pay my living expenses?”

The death of a spouse or partner can greatly alter the flow of income into a household. At the extreme where the deceased is the major breadwinner or received significant retirement benefits, income can be severely reduced.

At the other extreme income may change very little if the deceased was not a major contributor to household income or if there is a significant level of income from jointly owned investments. It is important to have a clear understanding of the income flows that will be available.

The following subtasks may assist you in identifying your sources of income. You will find detailed resources for these subtasks under the links in the right column of this page.

Subtask 1: Assess the impact of the death on pensions or other retirement benefits

Subtask 2: Clarify Social Security and Veteran’s benefits


Death of a Life Partner Tasks

1. Taking stock of your financial situation
2. Identifying your sources of income
3. Revising your spending plan
4. Revising your estate plan and advance directives
5. Examining Medicare, Medicaid, and long-term care issues

Identifying your sources of income Subtasks

1. Assess the impact of the death on pensions or other retirement benefits
2. Clarify Social Security and Veteran’s benefits

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