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How To Create Additional Income after Losing Your Husband

Date Added 07/02/2018

Losing your husband is one of the most stressful events in life. Death is an inevitable event; however, nobody can really plan for it, if it happens to someone in the prime of their life.

Not only do you have to deal with your own grief but there are often children to be considered.

Very often, any woman in such a situation does not really feel like thinking about their financial well-being, but it is very important to do so at a very early stage.

If the husband`s income formed the main source of the household income, then you have to look at how to replace it long-term. If you work full time and have children, you may decide to take some time out to spend with them to adjust to the situation.

Events like that will often make us reconsider what is important in life.

How would you create a long-term income that would give you freedom to be able to ‘step back` from your career and maintain financial stability?

Hopefully, you would receive payment from an insurance policy, inheritance and would have savings, but unless this money is invested carefully it may be spent quite quickly.

The immediate thing to do is to apply for Widowed Parent`s Allowance (WPA) www.gov.uk/widowed-parents-allowance however the maximum amount you can receive is £113.70 a week which is a very small amount.

If your husband or your civil partner died on or after 6 April 2017 you may be eligible for Bereavement Support Payment. Neither of them is means-tested.

That is all well and good but if your living expenses are high (i.e. your children are in a private school or university, you have a mortgage to pay on a family home and perhaps other outgoings connected with your lifestyle), you would not be able to pay for it all long term.

As such, the next thing to consider is to invest into long term growth funds or / and property.

Long term growth funds can often give you a very good return on investment however the downside of this strategy is that you cannot use the money that has been invested for some years afterwards

Whereas, if you invest into a good quality property, you will be receiving income from the first day that the property is let. Such a buy-to-let investment can give you the security you need, for next 10-15 years, to be able to live comfortably and retire early without any added pressure.

If you choose your agent wisely, they will be able to offer you a completely hands-off service, so you can focus on what is important to you without compromising the lifestyle you are accustomed to.

If you wish to discuss any aspects of property investment that would secure your and your children`s futures, please contact us on 01295 234 750 and ask to speak to Sarka or email her via sarka@distinctestateagents.co.uk
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