The first year after losing a spouse or partner is often filled with grief, paperwork, and the advice to “avoid major decisions.” As you enter year two, the fog may begin to lift just enough to look ahead. This is a natural moment to revisit your financial life with more clarity and intention. Here are key planning steps many surviving spouses find especially important in the second year.
Revisit Your Financial Priorities with a Clearer Mind
The first 12 months can feel like survival mode. Now, with some distance, it’s time to reassess what you want your financial life to look like going forward.
Clarify your goals
Your long-term needs may be very different now—retirement timing, housing choices, travel plans, or how you want to support children or grandchildren. Take time to think about what you want this next chapter to be.
Refresh your budget
Your income sources and spending patterns may have changed. Year two is a good moment to reset your cash-flow plan so it reflects your current life, not last year’s transition.
Re-Evaluate Your Investment Strategy and Risk
During the first year, many people keep investments largely untouched. In year two, it’s important to confirm whether your portfolio still fits your needs.
Your risk tolerance may have shifted
As a single household, your comfort with market swings, time horizon, or sense of income stability may feel different. A portfolio review can help ensure your investments support your long-term goals and peace of mind.
Simplify where possible
If you inherited accounts in multiple places, consolidating them can reduce complexity, cut fees, and make your overall financial picture easier to manage.
Make Long-Term Decisions About Your Home
Housing choices are often the most emotional decisions after a spouse or partner’s death. The first year is usually too soon to make big moves, but year two often brings more clarity.
Consider:
There’s no universally “right” answer, but this is a good year to evaluate your options with a fresh perspective.
Revisit Your Retirement Income and Social Security Strategy
You may have activated survivor benefits quickly after your spouse’s passing, but year two is a good time to confirm whether you’re still on the best long-term path.
Social Security timing
If you took survivor benefits early, review how and when you might switch to your own benefit—or vice versa—to maximize lifetime income.
Refine your withdrawal plan
Your retirement income strategy—pensions, IRAs, investment withdrawals—may need updating now that the most urgent transition period has passed.
Reassess Insurance and Protection Planning
Insurance needs often change dramatically after the death of a spouse or partner.
Life insurance
If you still carry policies on yourself or previously shared policies, review whether they remain appropriate.
Long-term care planning
You now rely solely on your own resources for future care needs. Year two is an excellent time to consider how you’d want that care funded and managed.
Other coverage
Confirm that disability, homeowners, auto, and umbrella policies align with the needs of a single household.
Update Your Estate Plan and Beneficiary Designations
You may have made urgent updates last year, but year two is the time to refine and finalize.
Revisit:
Your spouse or partner may have been your primary decision-maker; now you can take time to choose the right people for those roles going forward.
Strengthen Your Support Team
As you move from “dealing with the urgent” into proactive planning, consider who you want supporting you as you build your financial future.
A financial advisor, estate attorney, and tax professional who understand your goals can make this next chapter smoother, more confident, and more intentional.
Final Thoughts
Year two often brings a mix of healing, clarity, and new questions. You don’t need to rush—this is your timeline. As you start this next year, reviewing your financial life now can help you feel grounded, supported, and ready to shape the future you want.
Disclosures:
Apella Capital, LLC (“Apella”), DBA Apella Wealth, is an investment advisory firm registered with the Securities and Exchange Commission. The firm only transacts business in states where it is properly registered or excluded or exempt from registration requirements. Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. Apella Wealth provides this communication as a matter of general information. Any data or statistics quoted are from sources believed to be reliable but cannot be guaranteed or warranted.