By Brent Matthew
The idea of a steady income for life might sound too good to be true. However, as many retirees searching for financial stability have already discovered, lifetime income can be attainable.
If you are looking for a way to support your spouse with lifetime income after you’re gone, start by following these important steps.
Review and Revise Your Estate Plan
Are your beneficiary designations up to date? Too many people forget to update their estate plans after major life changes, and that can lead to major problems.
In most cases, beneficiary designations on life insurance policies, brokerage accounts, and bank accounts take precedence over what your will says. This means if you divorce and remarry, you should update your beneficiary designations along with your will. If you don’t, much of your money could go to your ex-spouse.
Get Your Records Together
If you’ve been financially successful, you may have enough saved to provide your spouse with lifetime income. However, those savings are of little use if your spouse can’t access them.
To make it easier on your spouse should you pass, write down key financial information such as:
- All financial websites you use (plus login credentials)
- All bank accounts and account numbers
- All brokerage accounts and account numbers
- Retirement account access information
- Details for all credit cards, whether you are the account holder or an authorized user
Keep this information locked in a safe along with your will and other estate planning documents. Your spouse should know where this safe is and how to access it.
Explore Annuities for Lifetime Income
For countless seniors, annuities have been a way to obtain a real sense of stability through lifetime income. Because they offer a predictable influx of money over an extended time period, annuities can be a great source of financial support for your spouse after you’re gone.
Here is an overview of how annuities work to provide you or your spouse with lifetime income:
- You make a payment (usually a lump sum) to an insurance company.
- In exchange, the insurance company makes regular payments to you.
- These payments include both interest and the original principal you paid.
- They last over a set period of time or for the rest of your life.
Many married couples opt for a joint and survivor annuity, which continues making payments to the surviving spouse even after one spouse’s death.
Annuities are unique investments because their performance isn’t tied to the market. This means that the lifetime income is locked in, even in the event of a major market downturn.
However, before you rush to buy an annuity, it’s important to consult a fiduciary financial advisor. Annuities aren’t meant to replace all of your retirement savings, although they can add a valuable layer of support.
Our team can help you and your spouse choose an annuity structure that supports your overall financial plan.
Take Care of Your Spouse With Lifetime Income
You can likely picture the unimaginable devastation your spouse may experience if you pass away first. Money never makes up for such a loss, and there is nothing you can do to prevent their grief. However, by careful planning, you could work to set up your spouse with a steady lifetime income after you are no longer there to support them.
Are you considering incorporating annuities into your financial plan? The team at Scottsdale Wealth Advisory is ready to assist. As a fiduciary financial planning firm, we are legally and ethically obligated to put your interests first.
If you want to know more about the services we offer, contact us online today. To schedule your complimentary financial coaching session, call (480) 247-9090, email info@SWAFirm.com, or book directly at calendly.com/BrentMatthew.
Frequently Asked Questions About Lifetime Income Strategies
What is lifetime income in retirement planning?
Lifetime income refers to a stream of payments designed to last for the rest of your life, or in some cases, for both spouses’ lives. This income can come from sources such as Social Security, pensions, or certain annuity contracts. The goal is to create dependable cash flow that helps cover essential expenses, even if one spouse passes away or markets fluctuate.
How can I provide lifetime income for my spouse after I’m gone?
Couples often use strategies such as joint Social Security planning, survivor pension options, life insurance, and joint-and-survivor annuities to support a surviving spouse. A joint annuity, for example, can continue payments for your spouse’s lifetime. A coordinated approach helps align these tools with your broader retirement income and estate plan.
Are annuities a good option for creating lifetime income?
Annuities can be one tool for generating lifetime income because they offer structured, predictable payments that are not directly tied to daily market performance. However, they are not appropriate for every situation. Working with a fiduciary financial advisor can help you evaluate whether an annuity fits your overall retirement strategy and supports your spouse’s long-term financial needs.
About Brent
Brent Matthew is the founder and CEO of Scottsdale Wealth Advisory, a full-service fiduciary retirement planning firm serving pre-retirees and retirees across Arizona and multiple states. With a strong commitment to always putting clients first, Brent leads the firm in developing comprehensive, tax-efficient financial plans tailored to each family’s unique goals. He is responsible for researching investment, annuity, and life insurance strategies and building smart asset allocations that reflect both long-term growth and risk management.
Brent is driven by a core belief: “The success of this firm will be measured by the success of the families it represents.” That client-first approach has guided his work since the beginning. He is currently enrolled at the College for Financial Planning and is on track to earn his CERTIFIED FINANCIAL PLANNER® designation. He also holds his Series 65 license and Arizona Life and Health Insurance Producers License.
Outside the office, Brent embraces the Arizona outdoors with “lil B” and their two pomskies, Heimo and Kota. Whether he’s hiking, fishing, dirt biking, skiing, golfing, kayaking, or skeet shooting, Brent finds balance and joy in staying active. He’s also a fan of CrossFit, brunching, and cruising the Phoenix canal system on his beach cruiser—usually with classic tunes from the Marshall Tucker Band, Gordon Lightfoot, or Crosby, Stills & Nash playing in the background. To learn more about Brent, connect with him on LinkedIn.
Advisory services are offered by Scottsdale Wealth Advisory, LLC, an Investment Advisor in the State of Arizona. Insurance products and services are offered through Scottsdale Wealth Advisory, LLC. Scottsdale Wealth Advisory, LLC is not affiliated with or endorsed by the Social Security Administration or any government agency, and is not engaged in the practice of law. Be sure to consult with a licensed financial professional to confirm the accuracy of the insurance product you are considering.
