Planning Ahead: Making Sure Your Spouse Has a Financial Roadmap
As heard on Today’s Business Radio, which airs on Twin Cities radio stations KFAN and KTLK.
TBR host, Tom Lyons is joined by Mike Nesheim, a Senior Wealth Advisor at Vector Wealth Management for a discussion focused on helping retirees ensure their spouses have a financial plan if/when something happens to them.
For many couples, financial planning has been a joint journey—but often, one partner leads the charge when it comes to managing investments, paying bills, and organizing retirement accounts.
Planning Ahead
For many couples, financial planning has been a joint journey—but often, one partner leads the charge when it comes to managing investments, paying bills, and organizing retirement accounts. This imbalance can become a serious concern when thinking about what happens if one spouse passes away first.
At Vector Wealth Management, we work with retirees who are deeply invested in ensuring their spouse and families have what they need to make financial decision–no matter what the future holds. The good news? With thoughtful financial planning, you can set your spouse up for success after you pass.
Why Planning Ahead Matters
Without a clear financial plan, the loss of a spouse can trigger more than emotional grief. It can lead to confusion about account access, stress over sudden financial decisions, and uncertainty about long-term stability. Fortunately, these risks are largely preventable with proactive financial planning.
Three Essentials for Protecting Your Spouse
1. Confirm Beneficiaries and Asset Ownership
Make sure your beneficiary designations are up-to-date—not just on retirement accounts, but on insurance policies and transfer-on-death designations. Double-check how your assets are titled. Are they jointly owned? Will they transfer smoothly?
2. Align Your Estate Plan
Review your will, any trust documents, and powers of attorney. These tools ensure your spouse isn’t left navigating legal complications while taking the helm. A coordinated estate plan protects your wishes and makes it easier for your family to manage your affairs.
3. Simplify the Investment Strategy
Complicated portfolios with dozens of investments or active trading strategies may overwhelm a surviving spouse who isn’t familiar with the day-to-day. That’s where bucket-based investing can provide peace of mind.
For Example: John and Linda
John, a retired engineer, handled all the family investments. Linda, while sharp and capable, had never been involved in managing their holdings. When John started working with an advisor, he was focused on one goal: “If I’m not here, I want Linda to feel safe and supported financially.”
At Vector Wealth Management, we help retirees segment their portfolio into four buckets and one philosophy.
Vector’s SOJOURN plan, a four-bucket investment strategy, structures portfolios by time and purpose. This custom-to-the-client approach simplifies decisions, offers clarity, and supports financial stability—especially for a spouse who may not be engaged with daily market movements.
Here’s how SOJOURN works:
Bucket 1: Years 1–3 | Assured Income
Cash and conservative bonds that cover day-to-day expenses and near-term needs. This provides confidence and avoids forced decisions under pressure.
Bucket 2: Years 4–9 | Preservation
A mix of moderate investments that preserve purchasing power and begin replenishing Bucket 1 as it depletes.
Bucket 3: Years 10–15 | Accumulation
Growth-oriented investments begin to play a larger role. This bucket focuses on future income and long-term needs.
Bucket 4: Years 16+ | Legacy
This bucket is typically the most growth-oriented and often reflects legacy goals—such as charitable giving, multi-generational wealth transfer, or long-term care reserves.
This structure would allow Linda to know where the money would come from—and when—without having to make big investment decisions on her own.
It’s Never Too Late to Start
Whether you’re building a financial plan for the first time or refining one you made years ago, there’s no better time than now to act. Even small changes—like rebalancing your portfolio, organizing accounts, or clarifying your estate documents—can have a big impact.
At Vector Wealth Management, we believe your financial strategy should reflect your commitment to your loved ones. You’ve worked hard for your family—make sure they’re taken care of.
Get started today and schedule an introductory call to learn more.
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