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Providing for a Surviving Spouse in Retirement

Key Takeaways

Many married couples are saddled with growing debt, making it harder to plan for retirement.
These issues are magnified when the higher earner passes away first.
Financial advisors can help couples save more for retirement and help manage their risks.

Growing numbers of couples today are saddled with rising healthcare costs, mounting household debt, and other personal liabilities, but have less savings with which to pay these bills. That leaves them unprepared to manage their retirement risks once they’ve stopped working. And for widows and widowers, the outlook is especially unnerving.

Fundamental changes in U.S. retirement landscape have made it harder than ever for married couples to generate enough income for retirement. The biggest development is the shift from defined benefit pension plans to defined contribution saving plans in the workplace. The demise of retiree healthcare plans and modifications to Social Security means that the three traditional pillars of the system no longer provide adequate retirement security for a growing number of Americans.

The upshot? Many couples now face the prospect of either working longer than they planned, or for settling for a lower standard of living. These issues are magnified when one partner in a marriage dies – especially if that partner is the husband.

Life insurance and annuities can help a surviving spouse pay off any remaining debts by providing a guaranteed source of income in retirement, enabling them to maintain their preferred lifestyle in retirement. Financial advisors can help as well, by working with married couples to develop strategies that enable them to save more for retirement, and to make sure they’re protected against outliving their retirement savings.

To learn more about how the right financial strategy may help couples ensure a surviving spouse is taken care of, read Providing for a Surviving Spouse in Retirement PDF opens in a new window

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Financial wellness is top of mind for many defined contribution plan sponsors who recognize that having participants who are financially secure benefits sponsors and participants alike. This paper highlights the relationship between plan wellness and retirement readiness and provides a framework to help sponsors and their advisors balance participant outcomes with cost efficiency.

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Assurance IQ, LLC a wholly-owned subsidiary of Prudential Financial, Inc. matches buyers with products such as life and health insurance and auto insurance, enabling them to make purchases online or through an agent. Neither Prudential Financial, Inc. nor Assurance IQ offers, underwrites, or administers health plans or health insurance policies.

LINK by Prudential is an umbrella marketing name for Prudential Customer Solutions LLC (“PCS”), Prudential Annuities Distributors, Inc. and various subsidiaries of The Prudential Insurance Company of America. Investment advisory products and services of LINK by Prudential are made available through PCS, an SEC registered investment adviser. PCS is not a licensed insurance agency or broker. Prudential LINK and LINK by Prudential occasionally may be referred to as LINK. Where LINK by Prudential is made available in connection with certain Financial Wellness products, access is made available through Prudential Workplace Solutions Group Services (“PWSGS”). PWSGS provides access to a number of Financial Wellness products, services, seminars and tools offered by PWSGS, its affiliates or third parties. PWSGS is a subsidiary of Prudential Financial, Inc. PWSGS is not a licensed insurance company, does not provide insurance products or services and does not provide financial, investment or other advice. Individuals should consult appropriate professionals when making financial, investment and tax decisions.

Where LINK by Prudential is made available in connection with certain Financial Wellness products, access is made available through Prudential Workplace Solutions Group Services (“PWSGS”). PWSGS provides access to a number of Financial Wellness products, services, seminars and tools offered by PWSGS, its affiliates or third parties. PWSGS is a subsidiary of Prudential Financial, Inc. PWSGS is not a licensed insurance company, does not provide insurance products or services and does not provide financial, investment or other advice. Individuals should consult appropriate professionals when making financial, investment and tax decisions.

Securities products and services are offered through: Pruco Securities, LLC and Prudential Investment Management Services, LLC, both members SIPC Opens in new window and located in Newark, NJ, or Prudential Annuities Distributors, Inc., located in Shelton, CT. All are Prudential Financial Opens in new window Statement of Financial Condition PDF opens in new window for Prudential Investment Management Services, LLC.

Insurance and/or annuities are issued by The Prudential Insurance Company of America, Pruco Life Insurance Company (except in NY and/or NJ), Pruco Life Insurance Company of New Jersey (in NY and/or NJ), and Prudential Annuities Life Assurance Corporation (PALAC). Each is a Prudential Financial company located in Newark, NJ (main office), except for PALAC which is located in Shelton, CT (main office), and each is solely responsible for its own financial condition and contractual obligations.

Variable annuities are distributed by Prudential Annuities Distributors, Inc., Shelton, CT.

Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company, Hartford, CT, or its affiliates.

This web page is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. Clients seeking information regarding their particular investment needs should contact a financial professional. Prudential Financial, its affiliates, and their financial professionals do not render tax or legal advice. Please consult with your tax and legal advisors regarding your personal circumstances.

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Prudential, the Prudential logo, the Rock Symbol and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

Prudential Financial is not affiliated in any manner with Prudential plc, an international group incorporated in the United Kingdom or the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

Pruco Life Insurance Company, an Arizona company - California COA # 3637. The Prudential Insurance Company of America - California COA # 1179. Prudential Retirement Insurance and Annuity Company - California COA # 08003. The Prudential Life Insurance Company of America Newark, NJ.

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Providing for a Surviving Spouse in Retirement

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