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Social Security, building income are key a widows

Dear Pete,

I’m worried about what will happen to my retirement income when my husband dies. I’m 52 years old, and he’s 62. He’s made much more money than me for years, and I personally don’t have many assets. He plans on retiring sometime in the next year, and he wants me to retire too. We won’t have a pension, and he barely has enough to retire, but he’s going to do it anyway. This works fine until he dies, because he doesn’t have life insurance and he says he’s leaving some of his accounts to his adult children. What should I do?

Marie

Scottsdale, Arizona

This is a problem. Not a “cross this ‘t’ and dot that ‘i’ problem” but a very big problem. Retirement planning is difficult enough when both people in a marriage are the same age, but when there’s a sizeable age gap the problem gets especially complicated. 

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