Surviving Spouse’s Financial Plan
It is shown by surveys that women still follow men when planning for retirement. It is very important for married couple to make retirement-planning decisions with the purpose of leaving the spouse with the longer lifespan in good shape financially after the other passes away. The surviving spouse usually suffers a permanent decrease in his or her standard of living. But the good news is that couple can take provisions to protect one another and be certain that either spouse is comfortable with managing the finances. However, 40% of married women rely on the husband to plan the retirement finances. One way to increase income for the survivor is to delay claiming Social Security. The longer you wait to collect your benefits, the greater the monthly payments will be which could help the surviving spouse. For those who have an annuity or are entitled to a pension, there are steps that can be taken to ensure the surviving spouse will receive a survivor benefit. Purchasing a life insurance plan is also helpful. It can help the surviving spouse pay down debt, cover medical expenses or help make up for the loss of the spouse’s Social Security benefit.
To learn more about this article, visit Plan Finances for Surviving Spouse.
For more information on estate planning, please contact an estate planning attorney of Wood, Atter & Wolf, P.A., in Jacksonville and Ponte Vedra Beach, Florida.
