VIDEO: How Long-Term Care Can Affect Social Security Survivor Benefits for Married Couples

What happens to your retirement income if your spouse needs years of long-term care and then passes away? Most couples plan for retirement. Many plan for the cost of long-term care. But far fewer consider what happens to the surviving spouse’s income and financial security after a long-term care event.

In this video, we explore how long-term care expenses can reduce a couple’s retirement portfolio, and how the loss of one Social Security benefit can create an additional, permanent reduction in household income.

We’ll discuss:

  • How Social Security survivor benefits work for married couples
  • Why the surviving spouse generally does not continue receiving both Social Security checks
  • How a long-term care event can affect the surviving spouse’s financial security 
  • Why the higher earner’s Social Security claiming decision can matter for the survivor
  • How delaying the higher earner’s benefit may increase the survivor benefit
  • Why women should pay particular attention to survivor income planning 
  • Five questions every married couple should consider before claiming Social Security

 

Retirement planning is about more than maximizing a portfolio balance. It’s about protecting your quality of life and the life you’ve spent decades building.

If you’re approaching retirement and trying to determine the right Social Security claiming strategy for you and your spouse, this is an important conversation to have before you file.

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This material is intended for educational purposes only. You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. Nothing in this material constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. Dorval & Chorne Financial Advisors is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.

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