My husband passed away last month, I’m still devastated but life goes on and I need to figure out what best financially for my children and I.
He was the breadwinner, we agreed I would stop working until our second child is 3 (he’s 20 months olds now) but even when I was working I was making $40k a year when he did make 3 times that amount so I’m quite worried about it. I found out he had a life insurance through his employer, it will obviously be helpful.
I do think I should pay off our mortgage with that money and then it would allow me to take some time before having to find a job as well. I’m the only beneficiary of that life insurance for some reason but I think it’s fair to give a part to our children.
As it is right now, we also have enough in our emergency funds for at least 9 months of expenses, ideally I would like to keep it untouched but if needed it is there.
I have some questions:
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What will happen to his TSP? He has $160k on it, will I have to roll over to a IRA or something? (Keep in mind I’m not originally from the US and I don’t know how all that work honestly)
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I have been told our kids can get his social security money or something? How does it work?
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Should I pay our mortgage or keep the money and use it every month as an “income “? If it makes any sense. I won’t afford our mortgage on a $40k salary though.
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He invested some money. How can I have access to it?
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I got the stimulus check for the 4 of us after he passed away, will I have to pay back his part?
I understand my post can seem odd but he was taking care of our finances and I never questioned anything.
Submitted April 01, 2021 at 08:14AM by Crafty_Orange_578 https://ift.tt/2Pj5rOq
