lang: en_US

5 Key Decisions to Make With Your Spouse Before You Retire

Ali Katz


Retirement decision-making for boomers is very different than it was for our parents, when it was usually just one spouse (Dad) who retired, with Mom sometimes reminding him that, “I married you for better or worse, but not for lunch!”

Now both working spouses must make a decision together on their retirement, and each may have very different ideas of what that retirement will look like.  Here are 5 key decisions you need to make as a couple before you retire:

Timing.  Financial needs and whether or not you enjoy your work are usually the main determining factors in when to retire.  Couples also need to consider how they can maximize Social Security benefits.

Finances.  If one spouse has been handling the family finances, it’s time for both to understand their financial situation and how retirement may impact it.

Lifestyle.  One spouse may want to travel more in retirement, while another just wants to putter around the house.  One may want to move, while the other wants to stay put.  You need to reach a decision together on your retirement lifestyle.

Healthcare.  Both spouses need to have good healthcare coverage, either from Medicare and supplemental plans or, if you 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.  Your Personal Family Lawyer® can help you examine the options for long-term care coverage and put a plan together that suits your needs.