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November 20, 2023

How to reduce your ‘widow's penalty'

  • Some survivor penalties can't be avoided, but good planning can reduce their impact.
    • By LIZ WESTON
    NerdWallet

    After a spouse dies, the survivor often ends up paying higher taxes on less income — something known by accountants and financial planners as the “widow's penalty,” because women typically outlive their husbands.

    Couples who know what's coming often can take steps to soften the penalty's effect, but too many don't think far enough ahead, says Barbara O'Neill, a certified financial planner and educator in Ocala, Florida.


     
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