It’s one of those harder conversations that comes with retirement planning – what happens if my spouse dies? Even though it is tough to discuss, having a plan in place is crucial to your retirement planning. Fiduciary retirement planning advisor Rob De Lessio of Strategic Wealth Designers joined us on the newscast to discuss how you can be best prepared for this situation. See more financial news at

“You have to make sure that your money is going where you want it,” De Lessio says. “Not only does this include having your will up to date, but also that your beneficiaries on any 401(k)s or IRAs are updated. It’s one of those things that is easy to put off but usually just takes a phone call or completing a quick form to change.”

Social Security pays a one-time benefit of $255 if the spouse was living with the deceased. As a widow or widower, you can receive partial or full spousal Social Security benefits. Those at full retirement age are eligible for 100% of the deceased worker’s benefit amount. If your own Social Security benefit is higher than that of your spouses, taking your own is logical.

“Make sure your documents are updated,” De Lessio says. “Maybe you update these every few years or on an annual basis depending on your age and changes in your life, but this will save your spouse trouble and help give them peace of mind if everything is laid out. In doing so, you are having the tough conversations ahead of time and making the transition easier.”
A financial planner can help you plan for and handle changes after a spousal death. To see additional stories surrounding business and economic news for the Cincinnati area, visit and if you have a question for Rob send an email to info@swdgroup.com….(read more)

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retirement planning is an important part of financial planning which one cannot overlook. Planning for retirement should be done well in advance of retirement to ensure a comfortable and stress-free post-retirement phase. One aspect of retirement planning that is often overlooked is spousal benefits. Spousal benefits refer to the Social Security benefit that is provided to a spouse once their partner retires. For those who are married, it is important to take spousal benefits into consideration while planning for retirement.

The spousal benefit often provides a significant amount of money to the spouse of the retired person. However, the amount of money that the spouse will receive will depend on several factors such as the age of the retiree, the amount of money the retiree has contributed towards the Social Security fund, and the age of the spouse. The Social Security Administration often advises couples to coordinate their retirement plans to get the best out of this benefit.

One important aspect of spousal benefits is that they are calculated on the basis of the contributions made by the higher-earning spouse. This means that the more the higher-earning spouse contributed to Social Security, the more the benefit that the spouse who didn’t earn much will receive. This is especially beneficial to couples who have a significant income gap in between them.

Another aspect of spousal benefits that should be taken into consideration while planning for retirement is age. If the spouse who didn’t earn much is younger than the higher-earning spouse, then they can qualify for benefits as soon as they reach the age of 62 years, even if their spouse hasn’t retired yet. However, if the higher-earning spouse retires early, then the spousal benefit will be reduced. On the other hand, if the higher-earning spouse decides to wait until the age of 70, then the spousal benefit will increase.

It is also important to note that spousal benefits can be affected by factors such as divorce or death. If a couple is divorced before the age of 10 years of marriage, then the spousal benefit will not be available to the former spouse. On the other hand, if one of the spouses dies, then the surviving spouse can get the survivor benefit.

In conclusion, retirement planning should also include planning for spousal benefits. The spousal benefit can provide significant financial support to the spouse of the retired person. Couples should coordinate their retirement plans to get the best out of the spousal benefit. The higher-earning spouse’s contribution towards Social Security will also have an impact on the spousal benefit. Age and factors such as divorce and death can also affect the spousal benefit. It is, therefore, important to take these factors into consideration while planning for retirement.