Latest / Retire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®
Your Retirement Plan Works for Two. Does It Still Work for One?
Does your retirement plan still work if one spouse dies?
It's an uncomfortable question, but an important one for every married couple approaching or living in retirement.
When one spouse dies, household finances don't simply get cut in half. One Social Security benefit generally disappears, pension income may change, and many household expenses remain. At the same time, the surviving spouse may eventually move from married to single tax brackets, creating what is sometimes referred to as the “widow's tax penalty.”
In this episode, Tyler Emrick, CFA®, CFP®, explains what can change…
The skinny
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