Retirement decision-making for boomers is very different than it was for previous generations, when it was usually just one spouse (Dad) who retired, with Mom sometimes irritated to suddenly have him underfoot all the time.
Now both working spouses must make a decision together on their retirement, and each may have very different ideas of what that retirement should look like. Here are 5 key decisions you need to make together before you retire:
Timing. Most people have financial needs and work satisfaction as the main determining factors for choosing 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. Healthcare gets increasingly more important – you need to have a healthcare plan that keeps you both covered and that you can afford if you should need to cover deductibles and out of pocket expenses.
Long-term care. Studies show that most of us will need some long-term care during our lifetimes. Your estate planning lawyer can help you examine the options for long-term care coverage and put a plan together that suits your needs.
If you would like to talk about how your retirement planning works with your estate plan, call our office at (612) 206-3701 or fill out our contact form today to schedule a time for us to sit down and talk.
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