Dealing with the Financial Impact After Losing a Spouse
It’s difficult to think about, but an important part of your financial plan includes preparing for what happens if you lose your spouse. When one spouse dies, it can create a significant financial impact for the surviving spouse, particularly if steps have not been taken to make sure the survivor can maintain the lifestyle they’re accustomed to living.
Two key things go into planning for the loss of a spouse. First, how will the loss impact their monthly income? The survivor will lose a monthly Social Security check, which could deal a significant blow to their regular income. The surviving spouse will have the option to either keep their check or replace it with the deceased spouse’s check, but the total Social Security monthly benefits will be reduced.
Second, the surviving spouse might also lose a monthly pension check, especially if survivor benefits were not elected when the pension payments started. This will further reduce monthly benefits, and could leave the surviving spouse short of income to cover necessary expenses such as food, housing, and other costs of daily living.
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Will your spouse be taken care of after you’re gone? We can help you create a plan to make sure the surviving spouse is protected no matter what the future brings. Call us today at 844-CARLSON or CLICK HERE to schedule your complimentary review.