Basic Retirement Planning Tips for Couples StayRetired™ Wealth Strategies

Retirement may be something you’re planning for with a partner. If you are married or are living with someone and you’re both heading into retirement together, there are a lot of things that you’ll need to consider. After all, you’re not just planning for yourself; you’re planning two retirements together! This means you’ll have additional strategic challenges and solutions when it comes to your retirement tools and timelines. So, what are some things that can help with retirement planning for couples?

  1. Communication is Key

This is one of the most important things when it comes to retirement planning as a couple. Have you thought about what you want out of retirement? Have you talked to your partner about what they might want? Have you talked about what those two things might look like together? These questions can be a great place to start when it comes to communicating what you want your golden years to look like together.[1]

  1. Your Differences Matter

Not every couple is going to have the same retirement timeline or wealth situation. It may make sense for you to retire earlier than your spouse or vice versa. It’s important to think about what this might mean for your plan together. How will your transition into retirement affect how you handle expenses as a couple?

Similarly, what kinds of plans will each of you need for long-term care and medical insurance? Are you going to share a plan, or should you consider separate plans? Medical costs might be a big part of your retirement plan, so a conversation about them might be a good idea.

There is a lot that goes into retirement planning, and these questions only scratch the surface. It can be easy to write off retirement planning and assume that you and your spouse will need all the same things. But everyone is different, and you may need to consider a more complex plan tailored to each of your needs.

  1. Seek Guidance

If you’re realizing that retirement planning with your partner is much more complex than you thought, consider reaching out to one of our professionals for a complimentary review of your finances. Finances are a huge and potentially hairy topic for couples, so proper planning may help you avoid costly conflicts. Our professionals can help you unearth questions and solutions that will guide you toward a strategy that can work for both you and your partner.

 

The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance.  Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.

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Investment advisory and financial planning services are offered through Simplicity Wealth, LLC, an SEC-registered investment adviser. SEC registration does not constitute an endorsement of the firm nor does it indicate that the adviser has attained a particular level of skill or ability. Insurance, Consulting and Education services offered through Stay Retired is a separate and unaffiliated entity from Simplicity Wealth.