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Losing a Partner: How to Rebuild Your Career and Finances
https://www.whatjobs.com/news/news-stories/losing-a-partner-how-to-rebuild-your-career-and-finances
By Hugh Fort in Careers, posted July 14, 2023
Losing a spouse is perhaps the most painful experience for anyone.
It leaves a huge void in your life, even if you have a family to support you. Things are more challenging when you have young children to look after.
The financial impact cannot be overlooked, particularly when you are a single mom without a steady job or income source.
Statistics show that 43% of American women opt out of the workforce after marriage to raise a family. Imagine being left alone and jobless with the responsibility of your kids if your partner dies unexpectedly.
The harsh reality is that thousands of women experience these circumstances every year. In 2021, there were 11.61 million widowed women, a huge number compared to 3.58 million widowed men.
Knowing that life can take an unexpected turn without the slightest hint, you should be ready to face any situation.
For a young widow with the responsibilities of raising kids, it is about reworking on career and financial plans. Strategic planning can help you restart and rebuild on both fronts.
Let us share some valuable advice for widows looking for career and finance guidance after losing their partners.
Assess Your Current Position
The first step is to assess your current position and decide the direction ahead.
You may not need to work again if your partner leaves you with a robust financial plan that generates wealth and regular income.
Conversely, joining the workforce is the only option when you have no resources and young children to feed, educate, and take care of.
While assessing your present situation, you must think long-term to create a realistic career and financial roadmap.
Retirement planning for widows is a tricky part because most women worry about the present and overlook the future.
According to data, 50% of women in the US are behind in retirement savings, and being widowed young only complicates the situation.
Widowed Community notes that women should seek professional guidance to assess their finances after losing a partner, regardless of age and family situations.
An expert can help manage their estate and assets and develop a plan to overcome financial and career hardships.
Rebuild Your Career
Whether you have financial resources to address your needs or fall short, rebuilding your career should be a priority after losing your partner.
Beyond making you independent, it helps you heal from the trauma and start fresh.
Fortunately, you are not alone because as many as two-thirds of employees take a career break at some point, and 70% of them are women. It means you can find plenty of inspiration about starting from scratch after a gap.
Here are a few tips to reclaim your career:
Be Honest About the Career Gap
Being honest about your career gap is crucial, no matter how long you have been out of the picture. Women have a valid reason to take a sabbatical after marriage, more so after being widowed.
There is hardly a reason to worry because recruiters understand the situation better than you imagine.
Get Your Skills on Track
Going back to school may not be on your mind after losing your spouse, but it can surely give you better chances of finding a dream job.
The good thing is that you can join online courses to revamp your skills and become job-ready.
Create an Impressive Resume
An impressive resume puts you in a better place at the start of your career or when rejoining after a gap. Think beyond your grief and create a resume that’s good enough to sell your skills and show your worth to recruiters.
Look for WFH Roles
Did you know that 30% of American women work remotely full-time? That’s good news for widows planning to work again.
Look for a WFH role as it lets you be around your loved ones and saves you tons of time and money on commuting.
Rework Your Finances
Women often leave financial plans and decisions to their partners, but they have no choice but to deal with these factors after the death of their partner.
Here are a few expert-recommended tips to rework your finances and shape a secure future for your family:
Check Your Partner’s Finances
Start by checking your partner’s finances, from their wallet to bank accounts, retirement savings, investments, and insurance policies.
Even people who die unexpectedly have some cover for their loved ones, so make sure you know what your spouse has left for you.
Prepare for Income Changes
Whether you are working or not, your family income changes after losing your partner.
Rework your budget by considering your current income, expenses, and savings goals. You must create a cushion to safeguard your family’s future, even if it means cutting corners.
Seek Professional Help
Whatever your financial position as a widow, you must seek help to rebuild a secure financial future. You may fall prey to fraud or make money blunders without good guidance. Look for someone you can trust to steer your decisions in the right direction.
The Bottom Line
The death of your life partner is overwhelming, but you cannot afford to lose control over your finances. Moreover, you must get your career on track sooner than later to give your children the best as a single mom. Work through your grief and follow these tips to build back.
