Losing a Spouse in Retirement: How to Ensure the Surviving Spouse is Financially Safe

Losing a life partner is one of the hardest moments in a person's life.
Unfortunately, one person in every relationship will be faced with this difficult reality.
Speaking personally, my number one objective, if I were to pass away, is to make sure money is the last thing my wife needs to worry about.
...not only during the grieving process but for years (and maybe decades) to come.
I'm sure I share this sentiment with many of you.
However, because of the lack of real retirement planning in our industry, I find many retirees don't have a real answer for what happens to their plan if one spouse passes away earlier or later in than was originally estimated.
Many focus on the loss of income from Social Security and pensions.
This makes sense. Given the situation, the potential loss of income can be substantial.
However, there is a lot more at play here...
The surviving spouse will face numerous unexpected tax hurdles. They will see certain expenses rise both from the passing of their spouse but also as they move through retirement themselves.
In this week's Wealth Wednesday, we are going to break down what you need to do to make sure you or your spouse is financially set after one of you passes away.
We will discuss:
✅ The #1 stress test every couple needs to include as part of their retirement plan
✅ The risks and changes you need to account for with the loss of a spouse
✅ The importance of planning for this risk early in retirement
✅ Tax traps that arise as a single filer and how you can overcome them
while married
✅ What is the Medicare IRMAA and how does it affect the surviving spouse?
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Always remember, "You Don't Need More Money; You Need a Better Plan"
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Safeguard Wealth Management is a Registered Investment Advisor in the State of WI. Safeguard Wealth Management is not an insurance provider. All content on KZbin is for informational purposes only and should not be taken as personal advice for your situation. You can read more disclosures at www.safeguardi...

[@mgallagher1001]

Eric, thanks for tackling this subject. Being 12 years older than my wife presents some challenges especially when we want to share as many Go Go years together as possible.

[@ronloftis9080]

The good ol' widows tax trap...RMDs after a spouse dies. Thanks again for producing another video that deserves a lot more views. You are my new favorite youtuber financial planner for your high quality and in-depth content in your videos.

[@SafeguardWealthManagement]

You're the man Ron. Thanks for the kind words

[@davidfolts5893]

Planning makes you think through difficult subjects.

[@SafeguardWealthManagement]

We 100% agree! Great comment David