The Setup:

It’s a somber topic that no one likes to think about, but it’s important to have a financial plan in place if your spouse dies. Our team can help you with those sensitive, difficult conversations so money is the least of your worries if your loved one passes away.

Click the timestamps below to skip to a specific topic in the episode.

The Combination and Key Points: 

It’s a topic no one likes to talk about. Would you be OK financially if your spouse passed away? As financial planners, it’s our job to have these difficult conversations with clients so they can be prepared if the worst happens.

On this week’s episode of Unlocking Your Financial Future, we’ll share stories of how clients handled these tough transitions and what you can learn from them, both good and bad.

“It’s unfortunate that we’ve gone through this with many clients,” said Ben. “’Am I going to be OK? Am I going to be able to survive?’ That’s almost always the first question that comes out.”

Our team can help you sort out everything from pensions and social security to taxes. But the most important advice we can give you is to have a plan in place before a spouse dies. Using our financial planning software, we can run tests to show you best and worst case scenarios to see how it would impact you financially so you can be prepared.

How would you handle the sudden loss of one income? Do you know what benefits you and your spouse have? Do you have a single-life or joint-life pension? What would your tax rate be after losing your spouse? We answer these questions and more in this episode.

Listen to the full episode or use the timestamps below to find a specific segment.

[2:22] A somber topic

[3:08] A difficult but necessary conversation

[4:25]The number one financial question after losing a spouse

[6:17]Immediate financial challenges after losing a spouse

[7:00] How to handle pensions

[7:40] What to know about social security

[8:39]How will it affect your taxes?

[10:06] Why it’s important to meet with both spouses

[11:09] A widow in a tough financial position

[12:26] A smooth transition

Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!


 

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