Today's Hack

What happens to your financial plan once one spouse passes away? Is your plan organized and prepared or will the surviving spouse be left with a mess? Let’s talk about all the financial decisions you’ll be faced with during this difficult life event.

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Show Notes For This Episode

Today’s Hack:

What happens to your financial plan once one spouse passes away? Is your plan organized and prepared or will the surviving spouse be left with a mess? Let’s talk about all the financial decisions you’ll be faced with during this difficult life event.

Click the timestamps below to jump ahead in the episode…

Video Version:

Other Retirement Facts:

While no one wants to think about it, eventually, losing a loved one is inevitable. When you do a financial plan, it’s important to do a stress test to find out what happens to your plan when that happens. Will your plan still succeed following the death of a spouse?

Unfortunately, sometimes both spouses don’t get involved in the financial plan. If one person passes away, will the other be able to follow through with the plan? You don’t want to be caught in an emotional state of grief and having to sort through financial documents that you don’t understand.

On today’s podcast we cover some of the biggest financial challenges the remaining spouse will be left to tackle, including:

  • Loss of income
  • Changing tax brackets
  • Life insurance claims 
  • Navigating estate plans
  • Learning how to do the finances

Are you and your spouse prepared to handle this when the time comes? How does your plan need to shift now to better address these hardships? 

Lastly, we answer a question from the mailbag. Should your advisor be managing more than just investments? Rork in Plymouth is wondering about topics like Social Security, life insurance, and a legacy plan but his advisor doesn’t seem interested in doing more than the investments. Should he get a second opinion?

Listen to the entire episode or click on the timestamps below to skip to a particular segment.

0:40 – Losing a loved one is inevitable.

2:09 – What’s the biggest immediate concern financially?   

3:34 – What challenges are the remaining spouse left to deal with?

5:44 – Did you realize the tax bracket may change?

7:53 – Are all of the beneficiaries and estate documents in place?

8:53 – Does your financial plan include a list of what to expect later on?

11:40 – Are your children privy to some of your financial information?

14:13 – Mailbag: Is it typical to work with a financial advisor who doesn’t talk about Social Security or life insurance?

 

A Quotable Moment:

“Having that documentation brought together up front, organized, and reviewed each year makes it a whole lot easier on the surviving spouse.”

-Phil Putney

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