Here are some practical steps to take now, so you will be prepared to be a surviving spouse:
- The most important step is taking the time to talk and make sure that both spouses are well-informed about the finances and how to handle them.
- Run through scenarios so you will both know what will happen when either spouse passes away, taking into consideration what the surviving spouse's income and living expenses will be.
- If you can afford to do so, then delaying Social Security benefits as long as possible will give a surviving spouse higher benefits.
- Make sure that all beneficiary designations on retirement plans, bank accounts and insurance policies are correct.
- It may be necessary to hire a financial planner who can help the surviving spouse.
- Visit an estate planning attorney and make sure that your estate plan is up to date and adequately protects the surviving spouse.
- It might be a good idea to move into a different home that will be more easily manageable for a surviving spouse.
Reference: USA Today (Jan. 19, 2018) "How to prepare financially for being a widow/widower."