The Jon Sanchez Show
When Two Become One: Could Your Retirement Plan Survive The Death Of A Spouse?
I want to ask you a difficult question today. And if you're married, it's a question I think every retirement plan should answer: Could your retirement plan survive your spouse dying? Nobody likes talking about this. I certainly don't. But one of you is probably going to die first. And when that happens, something interesting occurs financially. People tend to assume: ‘Well, now there's only one person, so expenses will be cut in half.’ Really? Does the property-tax bill get cut in half? Does homeowners insurance? Does the roof cost half as much to replace? Does your internet provider say, ‘We're sorry about your husband—here's 50% off?’ No. A lot of the household expenses continue. But some of the household income may disappear. Your tax situation can change. Your Social Security can change. Your Medicare costs can potentially change. Your investment strategy may change. And the person who wasn't managing the finances may suddenly be responsible for all of it... while grieving. So today we're going to do something uncomfortable—but incredibly important. And then we're going to find out: Does the retirement plan still work when two becomes one?”
