N@N

Widow's Penalty: Three Ways to Protect Your Finances

The article from Kiplinger discusses the "widow's penalty," a financial challenge faced by surviving spouses, particularly widows, who often experience a significant drop in income after their partner's death. This penalty arises from the loss of the deceased spouse's income, potential changes in tax filing status, and the possible reduction or loss of certain benefits. The article provides strategies to mitigate this penalty, such as understanding and planning for changes in Social Security benefits, reviewing and updating estate plans, considering life insurance, and managing investments wisely. It emphasizes the importance of proactive financial planning and communication between spouses to protect the surviving partner's financial stability.

Read the Full Kiplinger Article at:
[ https://www.kiplinger.com/retirement/widows-penalty-how-to-protect-your-finances ]