Running a single-person household has a unique set of challenges. Not only is there the emotional pain of separation, but a new host of financial problems can also arise.
The absence of your partner can feel like someone removed a limb. Your other half is gone, and now the other half of the income is gone too. It’s like taking a 50% pay cut at work – except you have more responsibilities than ever before. The mortgage, groceries, and all the other bills still cost the same, but now you have only half of the money to pay them. If you have multiple children, juggling all of your time and energy can feel like an Olympic feat.
Successfully managing a single-person household involves recognizing the different priorities you now have. Some things you may have thought were optional before are now mandatory. Everyone knows how important life insurance is, but what about disability and critical illness coverage? This is something you may have waved off previously, but now, it becomes more important than ever before. If you suffer a serious injury, how will you take care of yourself or your children? Other health benefits may also become a priority. You may need help managing the financial issues of a divorce settlement or estate distributions.
Separation can feel overwhelming in every aspect of your life, but an advisor at Open View Wealth Advisory is here to help so that you can focus on recovering from your loss.
There will be a new tomorrow, and a trusted advisor can help you get there.
For most Canadians, retirement is a major financial goal that requires considerable financial commitment. 49% of Canadians hope to retire before the age of 60.* Whether you have already established a...