Losing someone you love is one of life’s most difficult moments. But amidst the grief and emotional toll, many families are hit with another challenge they didn’t expect—financial turmoil. A recent Kiplinger report shows that over half of Americans struggle financially after a loved one passes away. In a recent episode of the Ask Gregory Podcast, Gregory Ricks explores this harsh reality and outlines actionable steps you can take now to protect your family’s future.
The Hidden Financial Toll of Loss
Death doesn’t just leave an emotional void—it can also shake the foundation of your financial life. According to a study by Western & Southern Financial Group:
- 51% of Americans experience financial stress after the death of a loved one.
- 62% don’t feel financially prepared for the expenses that follow.
- Nearly 40% turn to credit cards or loans to cover those unexpected costs.
These struggles cross all generations, but younger adults are the most vulnerable. For example, 72% of Gen Z report feeling unprepared, and 47% of themhave used credit cards or loans to cover expenses like funeral costs, rent, or mortgage payments.
And the burden isn’t equal—68% of women report more financial concern than men, which may indicate a significant gender gap in financial readiness.
“What Do I Do Now?”
That’s the haunting question many surviving spouses face.
In his episode, Gregory shares a personal story of a client’s widow who didn’t even know who was managing their money. That’s not uncommon. In many families, one partner manages the finances, while the other stays in the dark—until they’re forced to navigate it alone.
Gregory urges both partners to be involved in financial planning early and often:
“You go on vacations together. You go to church together. You should be talking about your retirement and income planning together too.”
Regardless of your age, whether you’re 30 or 70, now is the time to make sure both partners know where the money is, what the plan is, and who to call.
The True Cost of Saying Goodbye
The average funeral costs between $6,300 and $8,300, but that’s often just the beginning. Additional expenses may include:
- Burial plot and headstone
- Obituary publication
- Memorial services and flowers
- Legal fees for probate or asset liquidation
- Outstanding debts
- Lost income
And according to Gregory:
“That $8,000 average? I think it’s low. Many families end up paying much more.”
A Financial Checklist for After a Loss
To reduce chaos and confusion when tragedy strikes, here are six essential financial steps Gregory recommends:
- Gather financial documents
Locate wills, trusts, tax returns, mortgage documents, and utility bills. Do both partners know where this information is? - Notify benefits agencies
Contact Social Security, Medicare, Veterans Affairs, and any other benefit providers. - Alert financial institutions
A death certificate will be required to access accounts and begin the transfer process. - File the will with probate court
You may need legal help. Make sure you already have a relationship with a financial advisor who can guide you through this. - Settle debts
Debts like mortgages and loans may transfer to heirs or be charged against the estate. Know your obligations. - File a final tax return
Work with a tax consultant to file the deceased’s final return. This is especially important for handling retirement accounts properly.
Prepare Before the Crisis
It’s hard enough losing the person you love—don’t let financial stress make it harder. Gregory puts it best:
“If I go before my wife, I want her to be okay—financially and emotionally. That means preparing her now.”
Whether you’re just starting your career or already retired, ask yourself:
- Do both partners understand your financial picture?
- Do you have a plan for lost income and funeral costs?
- Are your estate documents organized and accessible?
If the answer is no to any of these questions, now’s the time to act.
Need Guidance?
If you’re unsure where to begin, Gregory Ricks & Associates can help. Our team is here to help you gain the confidence to plan your financial future based on your individual needs.Click here to schedule a free consultation.
SOURCES:
National Funeral Directors Association. (2023, December 8). 2023 NFDA General Price List Study Shows Inflation Increasing Faster than the Cost of a Funeral. Nfda.org.
Pomroy, K. (2025, May 17). Over Half of Americans Stumble Financially After Losing a Loved One. Are You Prepared? Kiplinger.
Western & Southern Financial Group. (2025, April 17). Half of Americans Struggle Financially After Losing a Loved One. Westernsouthern.com.
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This article is meant to be general and is not investment or financial advice or a recommendation of any kind. Please consult your financial advisor before making financial decisions. For more detailed information, contact, a financial advisor with Gregory Ricks & Associates, Inc. offering investment advisory products and services through AE Wealth Management, LLC. (AEWM) Insurance products are offered through the insurance business Gregory Ricks & Associates, Inc. AEWM does not offer insurance products. The insurance products offered by Gregory Ricks & Associates, Inc. are not subject to Investment Adviser requirements. Firm does not offer tax or legal advice. 3078320- 6/25