"Most of the time when I was actually seeing clients and something like this happened, even 6 months afterwards, they would come in, I would tell them what to do, and then 3 weeks later they'd come back and go, 'What did you say?'""
A widow wrote to Suze Orman two weeks after her husband died, asking whether to keep retirement accounts, how to invest life insurance proceeds, and whether to hire an advisor. Orman advised doing nothing right away and keeping everything safe and sound during the initial days after a loss. She emphasized that a grieving brain is not a planning brain, and early decisions are often large, permanent, and connected to products with surrender charges, tax consequences, or fraud risk. Rolling a 401(k) into the wrong annuity can lock funds for years, and placing life insurance into a variable product can reduce principal. Waiting a few months in safe vehicles like high-yield savings or Treasury bills can cost foregone returns, but acting in week two can cost the entire payout.
#financial-planning #grief-and-decision-making #retirement-accounts #life-insurance-investing #avoiding-financial-fraud
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