Episode Details

The loss of a spouse is one of life's most difficult transitions, and for many retirees, it can also result in a significant reduction in Social Security income. Richard Rosso & Jonathan McCarty explain the Social Security "Widow's Penalty," why survivor benefits often leave widows and widowers with less household income, and the planning strategies that can help protect your retirement. We discuss the importance of delaying Social Security when appropriate, planning for life as a surviving spouse, Roth conversions, IRA withdrawal strategies, qualified charitable distributions (QCDs), and estate planning fundamentals that can help preserve wealth for the next generation. You'll also learn why communication between spouses is essential, how the step-up in basis can benefit heirs, why holding assets with large unrealized losses may create unintended consequences, and how thoughtful planning today can reduce financial stress tomorrow. If you're married, widowed, approaching retirement, or helping aging parents prepare for the future, this episode offers practical guidance on protecting both your income and your legacy. 0:00 INTRO 0:19 - America's 250th & Buc-cee's 5:42 - Narrative Busters & Stock Stories 6:48 - Commemorative SS Card 8:16 - American Ingenuity - Automotive Deep Scrub, Carpet Cleaning 12:40 - Widows' Penalty with Social Security 16:30 - How to plan for living single as Senior - Roth Conversions & IRA Withdrawals 18:25 - Importance of Delaying Social Security 22:41 - Importance of Estate Planning Basics 26:23 - Qualified Charitable Distributions to Reduce IRA RMD's 28:45 - Keeping the exemption for Two 31:02 - Importance of Communication - Who's Left Behind? 33:40 - Maximizing w Step Up in Basis - taking the losses before you pass 35:21 - Don't Die with Assets Holding Losses 39:21 - Closing thoughts - Plan Ahead & Catch Up Hosted by RIA Advisors Director of Financial Planning, Richard Rosso, CFP, w Senior Investment Advisor, Jonathan McCarty, CFP Produced by Brent Clanton, Executive Producer ------- Do you enjoy our content? Rate us on Google: https://bit.ly/4b9JtEo ------- Watch Today's Full Video on our YouTube Channel: https://youtube.com/live/iHJLWOZY4NQ ------- Watch our previous show, "Milton Friedman Was Mostly Right" https://youtube.com/live/qDTBlhH8YGY ------- Get more info & commentary: https://realinvestmentadvice.com/insights/real-investment-daily/ ------- * REGISTER for our next Candid Coffee, "Narrative Busters: Market Stories Investors Should Approach With Caution," Saturday, July 18, 2026: https://streamyard.com/watch/RfJtCj2byfDr --- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN --- Subscribe to SimpleVisor : https://www.simplevisor.com/register-new --- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #SocialSecurity #WidowsPenalty #RetirementPlanning #EstatePlanning #FinancialPlanning