The Survivor's Penalty

Many retirees don't think about the financial impact the loss of their life's partner can mean.

• Do you both collect a social security check? 
• Are there any Pension or Annuity payments that will be reduced or go away? 
• Will the household bills change much when its just one of you?
• Are there debts that must be paid off?

For most, the answer is there will be at least one less check and very little change in the monthly budget. That's what we call the Survivor's Penalty

If your retirement income is suddenly reduced by 1/3rd or 1/2 how will you manage your basic bills for food, housing and medical care?