How Can You Take Care of Your Spouse, Just In Case?

Planning Financially for Your Spouse’s Future

If you are 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.

Choosing Between Joint and Single Life Payouts

First, carefully consider joint versus single life payouts from pension and investment distributions.

Delaying Social Security to Increase Survivor Benefits

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.

Updating Beneficiary Designations

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.

Using Annuities to Provide Guaranteed Income for a Spouse

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.

Keeping Wills, Trusts, and Asset Titles Up to Date

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.

Work With a Financial Advisor for Survivor Planning

We can help you make sure that your spouse is taken care of. Please contact us today.