================================
Get the PDF version of my Tax Bomb book for free follow this link.
My course “Can I Retire” contains 43 videos and over 7 hours of teaching. Get it here:
and don’t forget there IS a 30 day money back guarantee if you’re not satisfied!
Get my books on Audible here:
Get your own Trusty Calculator:
Want to support what I’m doing for $10 a month?
Join my SubscribeStar page!
My Amazon Product page:
Anything you buy there Amazon pays me a commission. Much appreciated!
GET MY BOOKS:
ALL are FREE to Kindle Unlimited Subscribers!
You Can RETIRE on SOCIAL SECURITY:
The Tax Bomb In Your Retirement Accounts: How The Roth IRA Can Help You Avoid It:
Strategic Money Planning: 8 Easy Ways To Put Your House In Order
State by State Tax Guide For Retirees:
GET ALL MY LATEST BLOGPOSTS:
Creating your own Youtube Channel? USE TUBEBUDDY!
Contact me: Josh@heritagewealthplanning.com
LET’S SOCIALIZE!
Linkedin: …(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
The death of a spouse can be a devastating experience. In addition to the emotional toll, there are many financial decisions to make. Here are two critical financial things to do when your spouse dies:
1. Notify financial institutions and close or transfer accounts.
Immediately following your spouse’s death, it is important to notify their financial institutions, such as banks, credit unions, and investment accounts. You should provide a copy of the death certificate and any other necessary documentation to close or transfer accounts that were solely in your spouse’s name. Joint accounts may need to be re-titled solely in your name or closed as well.
It is important to review any bills, subscriptions or recurring payments linked to your spouse’s accounts and update the billing information or cancel these services. Additionally, the IRS and Social Security Administration should also be notified to avoid any potential fraud or unauthorized access to your spouse’s assets.
2. Review and update your own financial plan.
Following the loss of a spouse, it is essential to review and update your own financial plan. This may include revising your budget, evaluating your insurance policies, and updating your estate plan. You may also want to consider meeting with a financial advisor to help navigate the changing financial landscape and make any necessary adjustments to your investments or retirement plans.
It’s also important to review your beneficiaries on any life insurance policies or retirement accounts, as your spouse may have been listed as a primary beneficiary. It is crucial to make changes as necessary to ensure the appropriate beneficiaries are listed to reflect any changes in your family dynamic.
In conclusion, the death of a spouse can be a difficult time, and it is important to handle financial matters with care and attention. By promptly notifying financial institutions and updating your own financial plans, you can help ensure a smooth transition and ease the burden of financial stress during such a difficult time.
Nice video Josh, you do so much better when you focus on finances and not politics.
Keep real situations coming…
Great advice my friend.
Is that a good time to take a distribution and possibly dump it into the Roth if the spouses income is low?
At least 6k a year as a contribution or so
Does your client have to spend her Inherited IRA within 10 years under the SECURE Act of 2019 rules?
Josh, I have learned a lot from you but I think you left out some things about the Social Security aspect of this video. What if the deceased partner was far and away the one with more lifetime earnings and the wife only worked minimally and mostly part time for 17 years. Her benefit will never even come close, even at 70, to the survivor benefit.
My wife is 13 years younger than I and has only about 20 years of social security earnings, several of those at part time. She is 57 and has not worked in 5 years. I am 69 and waiting to take SS at 70. The plan for us is that she will take her SS at 62 and should I die before she attains full retirement age (67) will continue with her SS until age 67 at which time she will convert to my survivor benefit. Her projected SS benefit if she does not work another day is somewhere between $800-950. My benefit at age 70 will be over $3000.
I can't for the life of me see why, in all cases including this one, why she should take a reduction of the survivor benefit (because she is not yet full retirement age) and let her lowly SS benefit grow til age 70. Grow to what??? $1300?? Makes no sense.
The Inherited IRA has to be depleted in 10 years right? So the RMDs are a big deal right?
Thanks Josh SMASHING info !!
Great stuff Josh. You just keep bouncing 'em out of the ball field! You should do a video of financial things to include in your Will based on experience and just smart business sense. This would be one of those things you could spell out to ensure the surviving spouse won't get nicked.
I believe in the case of an inherited spousal IRA, you don't have to take an RMD until the year when your spouse would have been 72. If that won't happen until the year you reach 59 1/2, you have the best of both worlds.
Survivor benefits are subject to earned income limitations, so if you have a high income from working they may not make sense.
I was blessed. My husband had a roth, but I still rolled it into mine. Yes, I remember they didn't tell me about the IRA survivor benefit, even though I didn't need it. Shameful and potentially hurtful. Thanks for the post Josh.
Good info Josh. I didn't know