Should you retire with your spouse?
Do you dream of the day when you and your spouse will travel the world together — or at least spend every day relaxing side by side? For many couples, retiring at the same time is the ultimate goal.
But for various reasons, you might end up retiring at different times. And surprisingly to some, this path often leads to an easier transition and greater overall happiness.
Have you weighed the benefits and drawbacks of each option?
The Pros and Cons
Of course, the positives of retiring at the same time include being able to easily enjoy vacations and fun activities together. Your daily schedules and household responsibilities will probably align, too.
On the other hand, suddenly spending more time together with no adjustment period can create friction for some couples. In terms of finances, retiring at the same time also means fewer years to save money and more years to live off your nest egg.
The Question of Insurance
Don’t forget: When both people retire, you’ll no longer have access to workplace health insurance. If you’re older than 65 you can enroll in Medicare, but if you’re younger you need to buy a private plan.
Retired workers also lose group life insurance coverage. That means couples who want to maintain life insurance need to do so independently.
(Please get in touch if you need some help finding an affordable health or life insurance plan.)
What About Social Security?
Working longer can allow you to postpone claiming Social Security until full retirement age or later and give you larger lifetime benefits. But claiming early can help replace your paycheck sooner.
Making a Smooth Transition
Everyone’s retirement plan will look a little different, but it’s important to communicate with your spouse to determine the right course for both of you.
No matter what you decide, reach out to discuss your options if you’re concerned about health or life insurance.