If you're like most people, most of the time, you focus your financial efforts on maximizing your current income. But it's also important to plan ahead for the benefit of your spouse if you should pass away. Here are some tips for how to do that. First, carefully consider joint vs. single life payouts from pension and investment distributions.
Next, consider Waiting to take Social Security until age 70 instead of age 62, this could increase your survivor benefit by 76%. As life situations may change, update your beneficiary designations. These designations will take precedence over what's written in your will or trust, so it's important to keep these current. Investments like annuities have a guaranteed lifetime benefit.
These can be a great way to ensure that your spouse is taken care of, even after you're gone. Be sure to keep your wills and trusts up to date and your assets properly titled. And Keep your spouse fully informed about all financial details. We can help you make sure that your spouse is taken care of. Please give us a call today.
For more on this topic and other resources, please check out https://carsonallaria.com/
Disclaimer: All material discussed on this video is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, a Registered Investment Advisory firm. Information discussed on this video may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.
