Educational Video from my YouTube Channel:
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 often times 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.
Bruce T. Yenk CFP
Robin M. Yenk
https://www.rmjfinancialgroup.com/
(Bruce) 732-705-4321
(Robin) 732-851-4065
*Annuities are best suited for long term investors. Some features mentioned may be available only by the purchase of a rider, an optional addition to an annuity or life insurance policy that is available for an additional fee. Withdrawals prior to age 59 1/2 may be subject to an additional 10% tax penalty. Surrender charges may apply. Guarantees are provided by the claims-paying ability of the underlying insurance company.