My spouse has entered hospice after 3 years of illness. We are still solvent, and when they pass (a few weeks to a few months), my young sons and I will have a windfall from the insurance policy. I am trying to prepare best I can to support is and supplement our income without my spouse. Right now, my plan is to:
- File for my children's survivor benefits with SSA
- Invest the insurance in an index fund (suggestions?)
- Follow the 4% annual draw guideline to supplement our family income
Is there anything I'm missing? My spouse has a terminal illness rider, and we are considering drawing on some of that to pay off all our debts before my spouse passes (not a lot, about 20k all told) and prepay for cremation and an urn. I know I will need a lot of death certificates. Benefeciaries are in place, trust is set up. I'm currently a stay at home parent and caretaker, although I will go back to work at some point.
Submitted January 16, 2019 at 10:50PM by Taw4kdos http://bit.ly/2RR9NeB
