Retirement decision-making for baby boomers is very different than it was for their parents, when it was usually just one spouse (Dad) who retired.
More often than not, both spouses work now and must make decisions together on retirement, and each may have very different ideas of what that retirement should look like. Here are 5 important decisions you need to make as a couple before you retire:
Timing. Your financial position and how much (or how little) you enjoy your work are usually the main determining factors regarding when to retire. But couples also need to consider how to maximize their Social Security benefits.
Finances. If only one spouse has been handling the family finances, it’s time for a change. Both spouses need to understand the overall financial situation and how retirement may impact it.
Lifestyle. While one spouse may want to travel more in retirement, the other may just want to lounge around the house. While one may want to move, the other may want to stay put. For this to work, you need to compromise and make decisions together about your retirement lifestyle.
Healthcare. It is imperative that both spouses have good healthcare coverage, either from Medicare and supplemental plans or, if either will continue to work in retirement, from an employer’s plan.
Long-term care. Studies show that most of us will need some long-term care during our lifetimes. We can help you examine the options for long-term care coverage and help you put a plan together that meets your needs.
If you would like to learn more about retirement planning, we need to talk. Please call my office today.