How to Take Care of Your Spouse Just In Case Something Should Happen to You

If you're like most people, most of the time, you focus your financial efforts on maximizing your current income. But it's also important to plan ahead for the benefit of your spouse if you should pass away. Here are some tips for how to do that.

First, carefully consider joint vs. single life payouts from pension and investment distributions. Next, consider Waiting to take Social Security until age 70 instead of age 62, this could increase your survivor benefit by 76%. As life situations may change, update your beneficiary designations. These designations will take precedence over what's written in your will or trust, so it's important to keep these current.

Investments like annuities have a guaranteed lifetime benefit. These can be a great way to ensure that your spouse is taken care of, even after you're gone. Be sure to keep your wills and trusts up to date and your assets properly titled. And keep your spouse fully informed about all financial details. We can help you make sure that your spouse is taken care of. Please give us a call today.

Related Articles

Contact

  • Phone:
    614.471.1888
  • E-Mail:

    This email address is being protected from spambots. You need JavaScript enabled to view it.


Retirement Wealth Strategies is an independent business from Cambridge. Investment Advisory services offered through Investment Advisor Representatives of Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc. a broker-dealer, member FINRA/SIPC. This communication is strictly intended for individuals residing in the states of Arizona, Colorado, Florida, Georgia, Kentucky, Kansas, Michigan, Nevada, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, South Carolina, Tennessee, Texas, West Virginia, and Wisconsin. No offers may be made or accepted from any resident outside the specific state(s) referenced. Powered by AdvisorFlex

 

Secured by