Start your application now and choose your investments.
Free online investment help is just a click away.
By Beth Allwood - September 25, 2017
Losing a spouse, whether by divorce or death, can take a big toll, both emotionally and financially. It's important to understand your assets and debts, especially if your partner managed the finances. Below are some things to keep in mind as you face financial decisions when these life changes occur.
You may have some big decisions to make when you're in charge of the finances on your own, but make sure you think them through carefully. Don't let emotions rule your decisions; instead, take your time and talk to a trusted person who can help you weigh pros and cons of financial actions.
After some of the emotions have settled, it's important to plan for your new financial situation. That includes creating a new budget and considering how your retirement needs will change. In divorce, some of your savings may go to your ex-spouse. As a widow or widower, you may need to manage benefit payments you receive.
Your income may have changed, but your long-term goals for security should stay intact. The life change could mean finding ways to set aside more money for retirement. Be careful to follow your budget. The temptation to use credit cards can be greater when your income is reduced. However, accumulating debt now could have a negative long-term effect on your financial future.
In addition to the larger financial decisions mentioned above, you will have a lot of details to manage when a family change occurs. It's important to review the beneficiary and ownership information all accounts to determine whether you need to make some changes, including retirement/pensions, transfer on death, IRAs, wills, personal property and auto insurance.
Finally, even though you're facing financial decisions on your own, it doesn't mean you have to go it alone. A good support system of family and friends can help you deal with the emotions you're experiencing. For money decisions, talking to a financial professional might be worth your time and effort.
For help with your investments, calll an investment consultant.
As the number of security breaches rises, the more important it is to protect your personal information. Review our tips for online security.
October 10, 2017
Learn this Cyber Security Month how we proactively work to guard client data against the threat of cyber criminals.
October 23, 2017
What says summer more than baseball? Take lessons from America's pastime and make sure you have all positions covered in your investment portfolio.
Setting goals is important, right? But does other "stuff" seem to take priority? Check out our tips for setting your goals in motion.
September 02, 2017
Experienced a recent job change? Understand how decisions you make can have a lasting impact on your finances and common mistakes to avoid.
September 12, 2017
It's easy to get caught up in holiday spending. Finding that perfect gift can be expensive. Here are three ways to head off the bah humbugs.
November 21, 2017
The opinions expressed are those of American Century Investments (or the portfolio manager) and are no guarantee of the future performance of any American Century Investments' portfolio. This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.