Losing a partner can change your income more than your expenses.

When a partner passes away, household bills don’t fall by half. Rates, home maintenance, utilities and car expenses still need to be paid, even as household income changes. For couples receiving the Age Pension, moving to a single person’s entitlement can mean a significant drop in income. That’s why retirement planning needs to consider how the surviving partner would manage financially, including if they live for many more years. Projecting that scenario can help identify a potential income gap and the savings needed to help cover it. It’s a difficult conversation, but planning ahead can give the person left behind more financial breathing room during an already challenging time. General advice only. Consortium Private Wealth AFSL 495401

Disclaimer || The information provided in this post is general in nature only and does not constitute personal financial advice. Robert Goudie is an Authorised Representative (No. 235974) of AFSL 495401.