Dealing With The Death Of A Spouse

Today’s Prep:

A financial plan should consider more than just where your investments are. Even though it’s uncomfortable to bring it up, do you know what your plan is following the death of a spouse?

(Click the featured times below to jump forward in the episode)


Equipping Points:

While many don’t want to talk about it, it’s important to have a plan for when one spouse passes away. Have you run a stress test on your financial plan to see how things might be impacted?

Right now, under the CARES Act, you don’t have to take RMDs if you don’t want to. What about inherited IRAs? If the IRA was passed to you from your spouse, is that still considered an inherited IRA? Then ask, is there a reason to take your RMDs now even if you don’t have to?

Outside of emotions, from a financial standpoint, what is usually the top concern of the remaining spouse? Usually it’s a question of, where will I get my income? Income allows you to live your life and maintain your standard of living. If you’re retired and on Social Security, you’ll lose the lower Social Security benefit after a spouse passes.

A lot of times, people don’t realize how much or how little monthly expenses may change after a spouse passes away. It’s crucial to have a plan called the economic impact of losing a spouse, whether you are in retirement yet or not.

Make sure to stress test your plan to understand how things will be impacted. That way, instead of being reactive when the time comes, you can be proactive.

Listen to the full episode or click on the timestamps below to hear a specific segment.

[1:11] – Regarding the CARES Act, what do you need to know about RMDs?

[3:07] – Just because you don’t have to take RMDs, is there a reason to still get them?

[5:45] What is typically the top concern of the remaining spouse?

[7:11] – When a spouse passes away, your expenses don’t get cut in half.

[8:22] – Stress test: if something were to happen, what’s your plan?



Related Resources:

Retirement Decisions: More Than Just Investments

Lazy Money

Retiring Early: Is It Possible and Is It Right For You?

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The host: Eric Peterson - Contact - Call: (515) 226-1500

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