Episode #26: Taking Care Of Family

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.

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

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:

More From Eric:

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

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Economic News and Sensational Headlines

June 23, 2022

How much should you pay attention to some of these recent financial news headlines? Eric shares what he thinks and what matters when it comes to your financial situation.

Read More

Conventional Wisdom

June 16, 2022

Should you follow conventional wisdom when it comes to your financial decisions? Eric shares when the conventional wisdom might not be best.

Read More

Retirement Vacation Planning

June 9, 2022

Let’s plan the vacation of your dreams: retirement. More than simply a week away, you want to spend the right amount of time and energy thinking about this major season in life.

Read More

Financial Things We Can All Relate To

June 2, 2022

What are we all facing and wondering about in our financial futures? Eric talks through a few topics you might have had on your mind lately.

Read More

Mailbag: Should I Move my Mom’s Money into Investments?

May 26, 2022

Where’s the best place for your money to go? Several people are considering where their money should be, so Eric answers three questions from the mailbag for today’s show.

Read More

A Perfect Match: Tennis and Retirement Planning

May 19, 2022

Ready to ace your retirement plans? Let’s talk tennis and see how much it relates to your financial plans on today’s show.

Read More

Mailbag: Money Management Tips For Younger Couples

May 12, 2022

What financial advice does Eric have for younger couples? What can you do to reduce next year’s taxes? Eric answers these questions and more from the mailbag.

Read More

Building a Plan for the Long Haul

May 5, 2022

What do you need to get you through the long haul of life? Eric talks us through what this looks like in your financial plan and how to build it with an eye on a distant horizon.

Read More

What Do You Need to Know About Today’s Inflation?

April 28, 2022

Everywhere you turn there’s a headline about inflation but what do you need to know about what’s going on? Eric weighs in on the recent numbers and what you can do about it.

Read More

Mailbag: Should I Save Elsewhere Besides My 401(k)?

April 21, 2022

What kind of savings do you really need for retirement? Are you working with the right advisor to get you there? Eric answers three questions from listeners.

Read More

Leave a Comment