Retiring ahead of schedule may seem like a dream, but it is doable with the proper planning. Depending on when you were born, the normal retirement age is currently 66 or 67. If you’re planning to retire five, 10, or even 15 years early, one of the most important things to consider is how to make your savings last for the long haul.
If you have lost your spouse during this time, there are so many issues you must address–funeral arrangements, meeting with lawyers and accountants and dealing with finances. All of this comes on top of dealing with the emotional loss.
The passing of a spouse is a devastating time in a person’s life and one that throws their world into turmoil. While in the midst of grieving, they’re confronted with a multitude of responsibilities requiring their attention — not only the immediate tasks of preparing for memorial services and notifying family and friends, but also beginning to tackle the requisite legal notifications and financial changes.
Thanks in part to the economic impact of the COVID-19 pandemic, don’t bank on a big cost-of-living adjustment (COLA) for your Social Security benefits in 2021.