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Basic Retirement Planning Tips for Couples

Basic Retirement Planning Tips for Couples Fitzwilliams Financial

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.

 

When people think about retirement planning, they often focus on one question: How much money will I need?

I believe another question can be just as important: What will that money be able to buy?

Inflation can gradually change the cost of groceries, housing, healthcare, transportation, travel, and many of the other expenses people may encounter throughout retirement. As those costs change, the purchasing power of a dollar may change with them.

That is why retirement planning can involve more than building an account balance or reaching a particular savings target. A comprehensive financial plan may also need to consider future

spending, retirement income needs, time horizon, inflation, investment strategy, and how someone’s financial circumstances could evolve over time.

In this Financial Forecast discussion, I explore how inflation can affect everyday expenses and why purchasing power may matter when evaluating a long-term retirement strategy. I also discuss why investors may benefit from looking at their financial decisions within the broader context of their goals rather than focusing on any one economic factor in isolation.

No one can know exactly what prices, markets, or economic conditions will look like years from now. Planning can instead involve evaluating different possibilities and building a strategy that may be able to adapt as circumstances change.

Watch the video to learn more about how inflation and changing expenses can fit into the retirement planning conversation.

Fitzwilliams Wealth Management, Inc. is an SEC registered investment advisor. FWM and Fitzwilliams Financial are affiliated companies. The content in this video is for informational purposes only and is not personalized investment advice or a solicitation to buy or sell any security. We do not provide tax or legal advice. Media appearances are for informational purposes only and do not constitute an endorsement. Investing involves risk.
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