Ep72 | After the First Death: Social Security, Taxes, and Survivor Income

One of the biggest planning failures is building a retirement plan that only works while both spouses are alive.In this episode, Ray Godleski tackles one of the most important and most uncomfortable topics in retirement planning: what happens financially when the first spouse dies? From Social Security income loss to the widow's tax penalty to irrevocable pension decisions, this episode walks through every major financial area that changes after the first death, and what couples need to do now to protect the spouse who lives longer.You'll learn:Why Social Security income can drop by $24,000 a year or more after the first spouse diesHow pension elections can have permanent and irrevocable survivor consequencesWhy the widow or widower tax penalty can leave a surviving spouse paying higher taxes on lower incomeHow to review beneficiary designations and account titling for survivor planningWhy simplifying accounts is an act of love for the spouse who may have to manage them aloneWhy both spouses need to understand the retirement plan before one of them is forced to manage it alone If you're within a few years of retirement and want clarity around your retirement plan, book a complimentary consultation to build a strategy tailored to you:Book a Consultation: https://app.greminders.com/e/9bfdfdf70740f21a2e1cec4140dd884dd4ef6365Planning cannot remove grief. But it can reduce confusion, reduce panic, and give the surviving spouse clarity during one of the hardest seasons of life.🎙 Follow the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/executive-retirement-compass-financial-planning-to/id1796392113📧 info@SeWealthPartners.comQuestions welcome. Real answers given.Explore our free tools and resources at: www.YourNextStepFinancial.com