New here. My husband(29/M) passed away 2 months ago due to cancer while I was pregnant and left me his 403b which was $48k. Yesterday, i just received his insurance money about $230k from his workplace. I did not expect to get that amount. He did tell me he has life insurance with his work and he put me and his parents as beneficiaries.
I just had our baby 3 weeks ago and when he passed we were in the middle of buying a 2 bedroom coop and we were just waiting for board interview that time. I had to redo everything with the bank and board application. Now I'm closing our property next week. My parents in law offered that I could live with them but my husband really wanted that condo so i wanted to push thru with it. The condo is $319k. My husband and I already budgeted 20% down-payment for it which gives me $2.5k/month for both mortgage + HOA fees. I earn around more than $5k/month(net pay) with my job but Im currently on maternity leave and will just get full pay for 2 months.
I am planning on taking up more unpaid maternity leave until my newborn is out 6 months and until I get better with my grief maybe so I plan on allocating maybe a portion of that insurance money for me and my baby.
My husband and I have been very wise with our money, we fully paid already our brand new car, no debts. We were renting up until now that's why we wanted to have our own place. He was earning more than me, his salary was $120k/year. He was under my health insurance so I don't have to pay anything with his hospitalization too. We had savings for the unit and for the closing costs and for furniture too. Now, I have to budget everything on my own.
I just need advise with regards to my mortgage? Should I just pay more for the principal amount of our property? How much should I put it in to? $100k? and then just save the rest for my baby's future? I don't know who to ask actually, my best friend now is gone. I'm still grieving and Nursing my newborn at the same time navigating this while buying a property..
With his 403b, I was thinking of encashing it before I received the insurance money to help with me being on unpaid leave but the tax is 20%, so now I might just roll it over to my 403b also. Is that a wise decision at all? or should I just encash it still? what's the point of waiting for my retirement without him.
Also, I called social security and they said my baby could get benefits once he's born and right now I'm waiting for his birth cert and social security, how much do you think he will get? Anyone has the same experience as me? I don't know anything at all and the person I was talking to don't know as well.
I just hate being a widow, I know I can support myself and baby with my job. With dealing with finances I just hate also that I don't have my soul mate to ask advise to. I can't just talk about money to my siblings and parents. I don't know. Sorry for the long post.
Submitted October 19, 2023 at 12:56AM by schadenfreude0718 https://ift.tt/ZjAUcFI
