Here’s a question for couples whose retirement is imminent: What’s your widowhood plan?
Here’s a question for couples whose retirement is imminent. You think you’ve got it all figured out. Now, what’s your widowhood plan?
I thought of this recently on running into a small-business owner I know who’s 66. How is your 401 invested? I asked. Start by contemplating some actuarial odds. When I look at my own family tree, I see women consistently outliving their husbands, typically by a dozen years or so. One of my great-grandmothers was a widow for 29 years.
Will your widow be well provided for? That should be at the top of mind in the decision about when to collect Social Security. If you’re turning 62 this year, you can start now. But you’d boost your benefit 76% by waiting until age 70 to collect.
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