Fund for spouse
Hi Terry,
My pension check will stop when I am no longer here. I want to set up an account/fund for my wife so that she can have additional income besides social security. I have about $100,000 available at this time and I would like to invest it now for this purpose. We are in our early 70s.
I have considered CDs, and T-bills. Is there anything else you could suggest?
Thank you.
Terry Says
Well, the first thing I would suggest is that you do an estate plan, so that the money you do have is correctly titled and you are not subject to probate costs and delays in getting it to your wife. Watch this video I just posted.
Then, back to your question, it will be up to your wife to do the investing when you are gone. At that time, she might want to purchase an immediate annuity to guarantee payments over the rest of her lifetime. You could do it now, buying an immediate annuity over your combined lifetimes. But you’d receive a smaller check and importantly, the impact of inflation would be severe.
The best thing you can do is to educate her on what happens after your death (assuming you die first), so she is not attacked by the financial sharks! Or set up a relationship now with a financial planner you can trust. Use this link at my website to learn about Wealthramp.com, which connects you to carefully vetted, fee-only, FIDUCIARY financial planners.
