#478 - Widowed in Retirement: Navigating Financial Changes

If you are married, chances are you or your spouse will have to suffer through widowhood. The Widowed in Retirement series aims to help you navigate this difficult transition as best you can. Today, Mark Trautman joins me again to discuss how to work through the huge financial changes that result from losing a spouse.

There are myriad financial considerations to be aware of during this change, so this may be an episode that you want to bookmark to refer back to later or send to a friend in need. Press play to listen.

Changes that occur when you go from two to one

We can all understand the emotional changes that occur when one loses a spouse, but there are many financial changes that happen as well.

One of the biggest surprises that Mark noticed was that in spite of having one less person in his household, his expenses didn’t lower much at all. Yet, at the same time, he lost his wife’s income and health insurance.

While Mark had to pay for the final funeral costs and life celebration he also had to learn the complexities of Social Security and the new changing tax structure. Mark has tips and strategies surrounding Social Security, tax planning, and creating a new financial plan you won’t want to miss. Listen in to learn from Mark’s experience.