Have you planned survivor income for your spouse or someone dependent on you?

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Throughout my working years, one thing that disturbed me greatly me was the lack of concern even disregard shown by many workers for a spouse, especially a surviving spouse and nearly always a woman.

I remember the “good old days” when the husband’s earnings were his money, his pension was his pension. I remember when workers hid their overtime pay from the wife and when they elected a single life annuity pension because only they earned it, when they didn’t want any information about pay and benefits mailed to the home, including W-2s.

I recall when a disgruntled retiree came to our building looking for me claiming he had a gun because I allowed a domestic relations order to give 50% of his pension to his ex-wife. Of course, it was his lawyer that gave away what was rightly the wife’s and to which the retiree agreed-perhaps without reading what he signed. 

Hopefully those days are long gone. Times have changed, more women are working with their own assets. Laws were enacted to protect spouses when it came to retirement and benefit plans, the need for which is a sad testimony to the past. Still, single and widowed women struggle the most in retirement. 

I often read on HD about delaying SS to increase survivor benefits, but I don’t recall other strategies for survivor income. I do remember some people dismissing the need for life insurance. 

If delaying SS benefits is a significant part of meeting survivor income needs, perhaps more needs to be done. 

What type of financial assets and vehicles do you have in place to provide for a surviving spouse or other dependent? Have you calculated their likely needs as you may have for your own retirement?