For your retirement, you must have planned everything very well but have you considered the financial well-being of your spouse in it? If not, you must do it before it’s too late! Here are 3 important financial things that you must do for your spouse before you retire.

Get Adequate Life Insurance Cover For The Financial Security Of Your Life Partner

At the time of retirement, usually, children get settled in their lives and become financially independent. However, your spouse’s dependence on you may increase financially. You may live the retirement life as you would have planned and your spouse may not have any financial issues as well. However, will your spouse be able to bear the shock financially if you leave for your heavenly abode sooner than your spouse? You must cover this risk for the financial safety of your spouse. How to do it? It’s easy, you just need to take a life insurance cover of adequate size and it will ensure the financial security of your spouse if you leave this world early.

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Mention Your Spouse’s Share In The Will

At retirement, you would have accumulated wealth including properties, cars, lands, money and several other assets. But will your spouse get a share in your wealth after your death? To ensure that your spouse gets the deserving share of your wealth you need to write a will and mention the name of your spouse in it along with details of assets that he/she will be entitled to receive. In the absence of a will your spouse may find it difficult to get a share in your wealth or he/she may have to go through a long legal procedure to claim it. So, don’t forget to write a will as early as possible in your career and mention the name of your spouse in it.

Try To Repay All The Debts Before You Retire

When you retire, you may not want to live with a financial obligation of timely repaying the EMIs or live in fear of default in debt repayment. A drawback of entering your retirement with an outstanding debt is that it will also disturb the financial stability of your spouse till it’s cleared. If there’s an outstanding debt and you die before its repayment, then your wife may be asked to repay the portion of the outstanding debt to the extent of the estate share he/she receives from you. So, the best thing you can do is to clear the debt repayment before your retirement.

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What Else You Should Do For Your Spouse?

You should make a financial plan for the future while considering the well-being of your spouse. You should secure a place to stay safely during your retirement, arrange a senior care facility, and invest adequately so that the spouse can receive regular incremental income for the rest of her life without having any impact from inflation.

The author is and independent financial journalist.