This will take time, but without this information it's not possible to plan. If you don't have a working budget already, go over your bank statements and bills to see how much money is coming in and going out. While you're at it, find out where your money goes. For higher interest rates, check online banks such as Ally and Synchrony, both FDIC insured. While you're learning, put any life insurance proceeds in the bank. If you're widowed, you can leave his arrangements in place while you figure out what you want to do. If he has life insurance, check the annual statement to learn how long the policy will last (not all insurance lasts for life). You especially need to know how much income you'll have from Social Security and savings if he dies first, and what kind of lifestyle it will support. If you have consumer debt, what's the plan for paying it off? How has he been investing the retirement savings, and why? If your spouse isn't organized himself, now is the time to find out. Sit down with him (sadly, it's almost always a him) and go through the files one by one. The problems arise when you're married and your spouse has always managed the money. People who have been single for a long time usually have a handle on their money. Create separate files for bank statements insurance policies the latest reports from your mutual fund company or brokerage firm statements from your pension, annuity or retirement plan records of any other source of income you receive and a list of your debts. To get started on your financial plan, get your records together. I have relied almost entirely on bank accounts and the low-cost mutual funds called index funds - and I've done just fine, thank you very much. Believe me, it will cost too much and won't accomplish what the salesperson says. You never, ever have to consider an investment that's complex. And forget about the complex stuff, like variable annuities. You don't even have to think about investing your savings until you've figured out the basics. That means listing your priorities in life and using super-simple financial strategies to get you there. Successful personal planning depends on old-fashioned common sense.

Personal finance software 2015