Widowed in Retirement: Navigating Financial Changes

If you are married, chances are you or your spouse will have to suffer through widowhood. The Widowed in Retirement series aims to help you navigate this difficult transition as best you can. Today, Mark Trautman joins me again to discuss how to work through the huge financial changes that result from losing a spouse. There are myriad financial considerations to be aware of during this change, so this may be an episode that you want to bookmark to refer back to later or send to a friend in need. Press play to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:26] A common myth of widowhood[5:11] What changes occur when you go from two to one[9:27] Expenses don’t change[16:44] Creating a new financial plan[20:20] Tax planning[25:25] Social Security benefitsLISTENER QUESTIONS [36:55] A 59 ½ IRA withdrawal rule question[38:52] How to calculate the 5-year rule for a Roth IRA[40:27] How to handle the cash bucket in a down market [45:03] Healthcare before MedicareBRING IT ON WITH MARK ROSS [49:11] What is passion?[51:23] How to explore your passions[55:15] Building boundaries around your passions so they don’t become workTODAY’S SMART SPRINT SEGMENT [58:45] Put dabble on your calendarResources Mentioned In This Episode BOOK - After the Death of Your Spouse by Mike PiperBOOK - Taking Stock by Jordan GrumetBOOK - AARP Checklist for My Family by Sally Balche HurmeBOOK - So Good They Can’t Ignore You by Cal NewportBOOK - How to Think Like Leonardo Da Vinci by Michael GelbEverplansEpisode 477 - Navigating Life ChangesRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center