Joint Accounts
How Do I Make Sure My Wife Is Financially Protected When I Die?
Your goal for planning should be to get to a point where you’re able to relax and enjoy your time together
Dear Joint Accounts,
My wife and I are both in our late sixties and retired. Our retirement income is close to six figures, with 80% of that being my income. Our house and cars are paid for. We have a comfortable amount of savings that we use only in emergencies.
The problem: When I pass, my wife won’t have much money coming in. My health isn’t great, and I know my wife will outlive me. We married later in life, and because of the way my retirement income is structured, she’s not entitled to it once I’m gone. She likes to spend, but because of the situation she’ll eventually find herself in, I’d prefer to save more aggressively. How can I make sure she’ll be okay financially once she no longer has my income to rely on?
Sincerely,
Worried Spouse
You’re smart to be concerned about your wife’s financial future. Many couples don’t even think about the inevitable, much less plan for it. And that’s understandable: Figuring out the probate process — what happens to the assets you leave behind —…
