In a perfect world, you and your spouse would be on the same page when it comes to retirement topics. Your goals would align, you would have the same objectives and have a similar vision for the future. However, what happens when you disagree about one or more retirement topics? In these situations, it is critical to work together to develop a plan that is acceptable for both of you and to contact a retirement planning specialist with any questions or concerns you may have. As you begin the conversation about the future, make sure you tackle the following retirement topics:
Long-Term Care
At some point down the road, you and/or your spouse will require long-term care. What arrangements do you envision? How will you pay for these arrangements? There are several things you can do ahead of time to make this time in your life easier should the need for long-term care arise. Your elder law attorney will be able to put a plan together for you to help you save money and headaches later on.
Finances
One of the first hurdles you and your spouse need to overcome together is the topic of finances. According to one study, wives were less involved in retirement finances than their husbands. However, both you and your spouse need to have a clear understanding of your income, budget and savings. Also keep in mind the type of lifestyle you are aiming for in retirement and how you will pay for this lifestyle. Do you want to relax on a beach? Do you want to travel? Do you want to remain in your local community and volunteer? Consider making an individual list and comparing it with your spouse in order to begin the conversation about finances.
Timing
In addition to developing a plan for long-term care and finances, you will want to think about the best way to maximize your Social Security benefits. Since Social Security pays benefits to both the worker and his or her spouse, it is critical to work together to determine the best course of action. For instance, a husband may decide to wait until he is of full retirement age to receive half of his wife’s full benefits. Then, at age 70, he may decide to file for benefits on his own record, when the wife can, in turn, file a spousal benefit on her husband’s record. Since Social Security is complicated and every situation is different, it is crucial to talk to a financial planner to develop a strategy that is right for your relationship and retirement goals.
Ready to Start a Conversation about Retirement? We Can Help!
The process of discussing retirement topics with your significant other may be difficult, particularly if either one of you is unsure of the best way to prepare for the future. The team at Felinton Elder Law and Estate Planning Centers can work with you in order to develop an estate planning strategy that meets your needs, objectives and long-term goals.
To learn more about our services or to schedule your initial consultation, please call us today at 301-610-0055.