When a Spouse Loses Their Job

It’s a common story one hears these days. A member of the family loses their job, leaving the family worried about their financial security. When a spouse loses a job, you need to go into protection mode. Here are a few things to consider in the event a spouse becomes jobless:

• Find out what benefits will be terminated and when:  Benefits are usually terminated by the end of the pay period. Talk to the former employer’s human resources manager immediately to find out what options are available.

• Curb your spending: Review your budget and look for ways to reduce spending.  Being proactive about spending and frugal through tough times will be your best approach to adjust to your new time off.

• Help your spouse find a job: Take your support to the next level. Use your network of friends and employers, provide guidance when needed and be positive. Also, this may be a good time for you and your spouse to rethink his or her chosen profession.

When Your Spouse Retires

Living within your means is the most important thing to remember.  When your spouse decides to retire, it’s important to make adjustments to your lifestyle.  Here are a couple of things you need to think about:

• Adjust your spending habits: It is important to understand that your combined income will be less. So, you will need to adjust your activities and spending habits accordingly. This can be very difficult especially when one spouse still has an income.

• Think long term: investments need to be allocated for the next 30 years not 30 days or even 30 months. By thinking long term, you will be able to make better decisions for smoother returns.