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Life Events

Every stage of life has its own financial needs and concerns. The life events on this page can help you target the key financial strategies and issues that are likely to be most important to you in this stage of your life.

Starting Out    Changing Jobs    Coping with Unemployment    Getting Married    Starting a Family    Saving for College    Starting a Business    Planning/Saving for Retirement    Managing College Expenses    Long-Term Care Planning    Planning an Estate    Planning for Business Succession    Nearing Retirement/Retirement    Loss of Spouse    Financial Windfall   
My spouse just died. Should I accept my daughter's offer to move in with her?


Maybe. The death of a spouse is a traumatic life event. Perhaps you've never lived alone before and the idea frightens you. Or maybe your spouse's salary paid the mortgage and you're concerned about your financial outlook. Moving in with your daughter may seem like the perfect solution right now, but you want to be sure you'll feel that way a year from now. Keep in mind that this may be a temporary situation while you adjust to your new circumstances. Consider the possibilities.

Sit down with your daughter (and her spouse if she's married) and have a frank discussion about what living together means. Chances are you've not lived together in many years and are each accustomed to doing things in your own way. You'll need to consider what your presence will do to the family dynamic. Will you have your own space or will you be right in the mix? Can you refrain from giving unsolicited parental advice? If the answer is no, moving in may not be a good idea. Your presence could strain your relationship with your daughter and create tension in the household.

If financial difficulty lies ahead, you may want to consider your daughter's offer. With daily living expenses on the rise, knowing that Mom will be taken care of may bring peace of mind to you and your daughter. However, you'll want to be sure that moving in won't seriously strain your daughter's finances. What will you do with your home? Perhaps you can use it to contribute to the family finances.

Another consideration is whether your daughter lives close enough so that you can keep your current friends and activities. If the move is long-distance and you would have to start over, you'll need to think about that, also.

Are you physically independent? If not, living alone may require you to get day or live-in assistance. This may be costly and is often impersonal. Living with your daughter and allowing her to oversee your care can reduce the costs associated with long-term care. And as you age, you may find it comforting to be surrounded by family.

©2017 Broadridge Investor Communication Solutions, Inc. All rights reserved.
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 Securities and Investment Advisory Services are offered through Innovation Partners, LLC (IPLLC). Member of FINRA/SIPC. IPLLC is a Registered Investment Advisory Firm with the SEC under the Investment Advisor Act of 1940, and a registered Broker Dealer. 
Steven M. White is a Branch Manager, Registered Representative and Investment Advisor Representative of Innovation Partners, LLC.
Office of Supervisory Jurisdiction: 5950 Fairview Road, Suite 806, Charlotte, NC 28210
Phone: (704) 708-5461 Fax: (980) 265-1555

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