Partner's Financial Coaching

RETIREES: TAKING PROACTIVE STEPS TODAY CAN ADDRESS WORRIES WHEN YOU LEAVE WORK

- Hardi Swart

It's a situation many retirees face: one partner handles all the finances, while the other remains largely uninvolved. This dynamic can work well during the partnership, but it can create significant anxiety for the spouse managing the money.

One retiree I recently spoke with shared this concern. He had been the financial decision-maker for decades, while his spouse had little to no involvement. Now in retirement, he worried about what would happen if he were no longer around to manage their finances.

His biggest fear? Leaving his spouse financially vulnerable and unequipped to navigate their financial future.

If you share these concerns, here's how to address them and secure peace of mind for both you and your partner.

1. Build a comprehensive estate plan
The cornerstone of financial security for a surviving spouse is a robust and clear estate plan. Start working with a trusted estate planning attorney and ensure all documents are in place:

• A will: Ensure your assets are distributed according to your wishes and that your spouse is adequately provided for;

• Living trust: This simplifies asset transfer, avoiding delays and costs associated with probate;

• Durable power of attorney: Assign a trusted person to manage financial decisions on your behalf if you become incapacitated;

• Health care directives: Include provisions for medical decision-making to ease stress during difficult times;