Here is one example from my calcs using TurboTax. This assumes that everything is in an IRA and MRDs are required and one of us dies at 72, compared to the same situation but we are both alive at 72: The survivor is hit with about $23k less income, other things being equal. This is a 52% reduction in income in this case.
Now you can see why, as a strategy, I want to convert my IRA 100% to a Roth before RMDs start, regardless of the marginal rate.
I wish I had looked into this long ago. My thanks to board members who prodded me to run the numbers.
By the way, an ADD life insurance policy is almost worthless. Get term life.
"I am not in a hurry.
I am retired.
And I don't care how big your truck is."