Today’s Prep:
Part of retirement planning includes taking care of family. After all, you’ll want to make sure your loved ones have what they need after you’re gone.
Equipping Points:
00:55 – How To Deal With Losing A Spouse.
- Losing a spouse is a tough reality in retirement, but with proper planning, you can take care of your spouse after you’re gone. Eric explains the financial implications of losing a spouse and why you should be ready for a change of income when that happens.
3:55 – How Do You Solve The Income Gap?
- Pensions and life insurance products are great ways to fill the income gap that presents itself when a spouse dies. Life insurance especially is a great tax-free tool for replacing income.
5:05 – Consider your 401(k) And IRA Withdrawals.
- When a spouse dies, the surviving spouse usually begins to withdraw more money from their tax-deferred accounts. When this happens, the IRS is ready to tax these withdrawals. If you find yourself in this position, prepare for the accompanying tax burden of an IRA or 401(k) withdrawal. Don’t be blindsided by taxes.
5:33 – You Need To Address Death As A Family.
- Nobody wants to talk about dying, but it’s an inevitability, and you need to be prepared. If you don’t discuss what you’ll do when your spouse dies, you could find yourself in trouble when the time comes. You don’t want to add financial stress to an already difficult time in life. Sort out the financial implications ahead of time, and free yourself to grieve appropriately when a death occurs.
6:55 – Long-Term Illnesses Can Wipe Out Wealth.
- Long-term care is expensive, and if all of your wealth is spent taking care of your spouse, you’re not going to be left with much when you’re on your own. You have to address the long-term care and healthcare elements of retirement planning together as a couple. While you still have your health, make a plan.
Today’s Takeaway:
“While you still have your health and your wealth, plan ahead with your spouse. Determine how you’ll take care of your family as you’re planning for retirement. – Eric Peterson“
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Mailbag – Roth IRA, Emergency Funds & Tax-Deferred vs. Tax-Free
Making more money is great, but what happens when it becomes a roadblock for contributing to a Roth IRA? And how can you make your emergency fund work smarter for you? In today’s episode, we pull from the mailbag and answer a mix of listener questions. Eric addresses concerns that reflect the real-life hurdles many face on the road to retirement.
Read More
How 2025 Tax Updates Can Impact Your Financial Plan
Although tax season has come to a close, the time for smart tax planning has just begun! In this episode, we unpack the upcoming tax updates that could affect your planning for the next few years, including changes to 401(k) contribution limits, tax deductions, and the potential benefits of using tax-advantaged accounts like HSAs.
Read More
Early Retirement: Dream Come True or Financial Trap?
Ever fantasize about leaving your 9-to-5 before traditional retirement age? You’re not alone, but is early retirement even possible? In today’s episode, Eric explores what it really takes to retire early including how to tackle healthcare costs, how to make money last longer and the importance of shifting your mindset from spender to saver.
Read More
What 400+ Advisors Say Really Keeps Retirees Up at Night
What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We’ll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.
Read More
Bracket Busters and Stock Flops: The Risky Game of Picking Winners
March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.
Read More
Are Hidden Fees Draining Your Retirement Savings?
In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.
Read More
What Game Night Can Teach Us About Financial Planning
In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy.
Read More
Mailbag – Upsizing, Financial Advisors & Business Owner Planning
Join us as we answer questions about the challenges of downsizing, the emotional aspects of planning for family gatherings, and the realities of transitioning into a financial advisory career.
Read More
Planning for Unique Situations in Retirement
While many face the same general retirement concerns, each individual’s situation is unique, requiring tailored solutions.
Read More
Planning for Kids, Grandkids, & Your Future
As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively.
Read More