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    Aligning Your Retirement Vision: Key Discussions Every Couple Should Have

    November 11, 2024

    Allworth financial advisor Jeremy Murray, CFP®, AIF®, CRPS®, explores essential conversations for couples to have about retirement, helping them align their goals and expectations for a secure, enjoyable future together.

     

     

    Planning for retirement is one of life’s most exciting, yet challenging, phases. It’s a time filled with new possibilities, but also some big decisions. And if you’re married, it’s essential that you and your spouse are on the same page when it comes to how you envision these years. The truth is, retirement is different for everyone, so having open, honest conversations with your partner is the foundation for a smooth transition.

    Here are some key conversations to help you both align on your retirement vision.


    1. The Lifestyle Vision: What Do We Want Retirement to Look Like?

    Every couple has a unique idea of what their “dream retirement” looks like. One partner may be envisioning a life filled with travel, while the other might be looking forward to relaxing at home, focusing on family, or diving into hobbies. Start with the basics:

    • Do you want to stay in your current home, downsize, or maybe even move closer to family?
    • Are travel and leisure a priority, or would you like to invest time in hobbies and community involvement?
    • What does a “normal day” in retirement look like to each of you?

    Getting clear on these expectations is crucial because it sets the stage for financial planning. Once you know what you’re aiming for, you can start putting the pieces together to make that vision a reality.

    2. Financial Health Check: How Comfortable Are We with Our Savings?

    This one can sometimes be tricky, but it’s necessary. Sit down together and review your financial picture. This includes everything from your retirement accounts, Social Security expectations, and any pensions, to your investments and other assets.

    Here are some questions to guide you:

    • Are we both comfortable with our savings and investments? Do we need to adjust our spending or saving to feel secure?
    • Have we accounted for inflation and potential healthcare costs?
    • What’s our withdrawal strategy? Should we start drawing from certain accounts first?

    This conversation can ease a lot of concerns if you’re both transparent about your goals and realistic about where you are financially.

    3. Health and Long-Term Care Planning: How Can We Prepare for "What-Ifs?"

    None of us like to think about aging or declining health, but planning for potential medical costs now can help prevent financial strain later. Healthcare costs can be significant in retirement, and it’s wise to plan for them as a couple.

    Talk about:

    • Health insurance coverage and whether one or both of you are eligible for Medicare.
    • Any long-term care insurance options and whether they make sense for your situation.
    • The potential costs of long-term care if needed, and how you’d want to handle it.

    This conversation might be uncomfortable at first, but having a plan in place can bring peace of mind to both of you.

    4. Income Timing: When Should We Start Social Security?

    Deciding when to take Social Security is a big part of retirement planning, and timing can make a huge difference. The longer you wait to claim Social Security, the larger your monthly benefit will be, but the best choice depends on both of your situations.

    Consider:

    • Your ages and overall health. Does one of you benefit from waiting longer to claim?
    • Other income streams, like pensions, annuities, or rental income, which can allow one or both of you to delay Social Security and maximize your monthly benefit.
    • If you’re aiming to leave a financial cushion for your spouse, discuss how timing decisions now might impact that future benefit.

    Taking the time to discuss Social Security and your ideal income flow will help make sure you both have enough to meet your needs throughout retirement.

    5. Legacy and Estate Planning: What's Our Plan for the Future?

    Estate planning isn’t just about “who gets what.” It’s also about making sure your partner is prepared, especially if one of you takes the lead in managing finances.

    Sit down together and go over:

    • Any wills, trusts, or estate documents you have in place. Are there updates you’d like to make?
    • Beneficiary designations on retirement accounts and life insurance policies.
    • How you’ll make sure your spouse is supported if one of you passes away first.

    This isn’t an easy conversation, but it’s an important one. Having a clear plan in place is a gift to your spouse, ensuring they’ll have guidance if they ever need to handle these things alone.


    Bringing it All Together

    At the end of the day, these conversations are meant to bring you closer to your ideal retirement as a couple. It’s about creating a future that feels secure, comfortable, and enjoyable for both of you. Each of these discussions might reveal new aspects of retirement you hadn’t thought about—and that’s okay! Retirement is a journey, and aligning your plans now will set you both up to enjoy it fully.

    If you’d like help with the details or would like to chat about how these plans can come together financially, I’m here to help. Let’s work together to make sure your retirement years are everything you envision.



     

    Jeremy Murray, CFP®, AIF®, CRPS®

    Partner Advisor

    As a self-proclaimed “numbers guy”, I truly enjoy helping people make sense of something that can feel complicated and overwhelming. Most people don’t grow up learning financial literacy and wealth management. Yet, getting your finances in order is critical as you prepare to transition to retirement—a phase in life where you’ll be entirely financially independent.

     I believe money is a tool that can be leveraged to provide the freedom you what. And I always strive to meet clients where they are in life, focus on educating them about their choices, and work to build a plan that’s achievable, comforting, and aligned with their goals.

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    jeremy-murray
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