The following Kiplinger article titled “Six Ways to Prepare for Widowhood and Protect the Surviving Spouse” highlights aspects of retirement planning for couples and provides additional details. Given the sensitive nature of the topic, it is essential for both partners to discuss these items to plan for potential scenarios that may arise in the unfortunate event of losing a spouse.

• Ensuring Financial Security Delve into Social Security claiming strategies to safeguard the surviving spouse’s income. Likewise, consider pension choices that impact monthly payments after the loss of a loved one.
• Life Insurance Guidance Life insurance is not just about replacing income; it’s about ensuring a secure future. Develop a thoughtful strategy for managing the insurance payout to guarantee financial stability.
• Comprehensive Estate Planning Take a moment to ensure your estate plan is complete with a will, power of attorney, and health care power of attorney. Regularly review and update beneficiaries to reflect life’s changes.
• Navigating 401(k) Inheritance Inheriting a spouse’s retirement account requires thoughtful decisions. Having a clear plan, understanding tax implications, and adhering to distribution rules are pivotal.
• Nurturing Quality of Life Plan for the emotional and social aspects of life transitions. Discuss potential changes in residence, hobbies, and support systems to maintain a fulfilling lifestyle.
• Personalized Financial Guidance Engaging a compassionate financial adviser early on can make a significant difference. Having someone familiar with your unique situation can provide comfort during challenging times.

Many loving couples look forward to spending their retirement together; however, ignoring the possibility of losing a loved one before or during retirement could result in difficult financial outcomes.

We believe reviewing and considering these points in your current retirement planning discussions will provide a comprehensive and proactive approach. If you have any questions or would like to discuss these matters further, please feel free to reach out.