5 Things to Discuss With Your Spouse Before Retirement

7:15 pm Retirement Planning

boomer couple1 150x150 5 Things to Discuss With Your Spouse Before RetirementA couple of years ago, a well-publicized study by Fidelity Investments found that many spouses are not on the same page when it comes to retirement.  A majority disagreed on the exact age when they would retire, and many had differing opinions on where they would want to live in retirement.

To prepare for the best retirement for both of you, here are 5 things to discuss with your spouse before you retire:

1.  Timing.  While there are many factors that will determine when you will both retire – and not all of them under your control – one of the biggest should be how to stage your retirement to maximize Social Security benefits.

2.  Finances.  Both spouses need to thoroughly understand their financial situation, something the Fidelity survey found lacking.  If one spouse routinely handles the finances, the other needs to become just as educated in order to make the best retirement decisions.

3.  Lifestyle.  If you are both in agreement about the type of things you want to do in retirement, then great – you’re in the minority!  When one spouse wants to lie on a beach and the other wants to climb mountains, problems can ensue.

4.  Health care.  Both spouses need to have adequate health care coverage in retirement; if you plan to retire before Medicare kicks in, you will still need coverage.

5.  Long-term care. The cost of long-term care is one of the biggest threats to your retirement nest egg.  You need to make a plan as a couple about how you will face long-term care needs and how you will pay for them.

You should not only talk to your spouse about your retirement plan, you should also consult with an estate planning attorney.  Contact our Newport Beach law firm for help.

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