Let’s be real: widowhood is like an emotional rollercoaster you never signed up for. One day, you’re grieving; the next, you’re drowning in paperwork. And somewhere in between, you realize, “Wait, was my husband the only one who understood our finances?”
Breathe. You’re not alone. And guess what? There are financial benefits that most widows never even hear about. It’s time to take back control, because if there’s one thing your late spouse would want, it’s for you to be financially secure (and maybe even a little savvy).
So, grab a cup of coffee (or something stronger) and let’s dive into six hidden financial perks you need to know about.
1. Social Security Survivor Benefits, Don’t Leave Money on the Table
Did you know that if your spouse paid into Social Security, you may be entitled to survivor benefits? You could start receiving benefits as early as age 60 (or 50 if you’re disabled). And if you have minor children, they might qualify too!
Pro Tip: If you were already receiving spousal benefits before your partner passed, you may be eligible for an increase in monthly payments. Check with the Social Security Administration ASAP to claim what’s yours.
2. Life Insurance Payouts, More Than Just Funeral Costs
If your spouse had a life insurance policy, congratulations! You’re about to get a tax-free lump sum (or structured payments) that can provide a major financial cushion. But here’s where widows often go wrong: spending it too quickly or stashing it all in a savings account where it barely grows.
What to do instead? Meet with a financial advisor to invest that money wisely. This could be your golden ticket to a financially secure future.
3. Mortgage Protection Insurance, A Hidden Lifesaver
If your spouse had a mortgage protection insurance policy, you might not have to worry about those monthly payments anymore. Some policies even cover the entire remaining balance!
Don’t assume you’re stuck making house payments, check with your mortgage lender and insurance provider to see if you qualify.
4. Veterans’ Benefits, More Than Just a Flag and a Salute
If your spouse was in the military, the government may owe you more than just a folded flag. The VA offers survivor benefits, including pensions, health care, and even educational assistance for you and your children.
How to claim: Visit the VA website or contact your local Veterans Affairs office to see what you’re eligible for. Trust me, the paperwork is worth it.
5. Employer Benefits, A Forgotten Treasure Chest
Many widows don’t realize that their spouse’s employer might owe them money. This includes:
- Unpaid salary, bonuses, or vacation pay
- Stock options that still belong to you
- Company-sponsored life insurance (Yes, they might have had another policy you didn’t even know about!)
Action Step: Contact HR at your spouse’s former employer and ask for a full breakdown of benefits owed to you. Don’t let corporate bureaucracy keep you from what’s rightfully yours!
6. Tax Breaks, Because Even the IRS Has a Heart (Sort Of)
Okay, maybe the IRS isn’t known for its compassion, but they do offer tax breaks for widows! If you recently lost your spouse, you may still be able to file as “Married Filing Jointly” for the next two years, which could mean big savings.
Extra Bonus: There are also special tax deductions for widows, including medical expenses, mortgage interest, and even home improvements. A tax professional can help you maximize these.
Final Thoughts: You Deserve Every Penny You’re Entitled To
Grieving is exhausting. But financial stress? That’s one headache you don’t need. Take control of your financial future and claim what’s rightfully yours.
So tell me, did any of these financial benefits surprise you? Or better yet, have you discovered any hidden perks that other widows should know about? Drop your thoughts in the comments!