Retiring Together, or Not
Everyone's financial journey is unique, and this is especially true when it comes to retirement timing for couples. While you might assume most couples retire together, research tells a different story. Recent studies show that a majority of American couples retire at different times.
For many couples, retiring at the same time feels natural - a shared milestone you've planned for together. This approach offers clear benefits:
Many couples choose staggered retirements for personal or financial reasons:
Age - When partners have a significant age gap, the older spouse often retires first.
Health - If one partner develops health challenges that make working difficult, early retirement may become necessary regardless of the original plan.
Career - Partners often have different relationships with their work. While one might eagerly anticipate leaving the workforce, the other might find meaning as a mentor or derive significant purpose from their profession.
Financial - Sometimes, having one partner work longer strengthens the couple's financial position. The continued income can allow the retired spouse to delay Social Security benefits or postpone withdrawals from retirement savings.
Together, we can explore how these different approaches might affect your specific situation and find the balance that honors both partners' needs.
Open communication is essential when planning your retirement timing. Both partners should feel comfortable with the decision. When financial considerations play a role - as they often do - we're here to help. We can provide personalized financial projections showing how different retirement scenarios might affect your savings and income throughout retirement.
In another scenario, Bill and Sheila had planned staggered retirements due to their five-year age difference. When Bill unexpectedly received an inheritance, they reassessed their plans and found they could retire together after all.
These examples highlight why flexibility matters in retirement planning. Whatever approach makes sense for your circumstances, we're here to help you navigate your options in ways that honor both your financial security and personal fulfillment.
When Couples Retire Together
For many couples, retiring at the same time feels natural - a shared milestone you've planned for together. This approach offers clear benefits:
- You begin this exciting new chapter as partners
- You maximize your retirement years together
- You can coordinate your transition from work to retirement life
When Different Timing Makes Sense
Many couples choose staggered retirements for personal or financial reasons:
Age - When partners have a significant age gap, the older spouse often retires first.
Health - If one partner develops health challenges that make working difficult, early retirement may become necessary regardless of the original plan.
Career - Partners often have different relationships with their work. While one might eagerly anticipate leaving the workforce, the other might find meaning as a mentor or derive significant purpose from their profession.
Financial - Sometimes, having one partner work longer strengthens the couple's financial position. The continued income can allow the retired spouse to delay Social Security benefits or postpone withdrawals from retirement savings.
Together, we can explore how these different approaches might affect your specific situation and find the balance that honors both partners' needs.
Making Your Decision Together
Open communication is essential when planning your retirement timing. Both partners should feel comfortable with the decision. When financial considerations play a role - as they often do - we're here to help. We can provide personalized financial projections showing how different retirement scenarios might affect your savings and income throughout retirement.
When Circumstances Change
Life doesn't always follow our carefully laid plans. Consider Helen and Frank, who intended to retire together in three years. When Helen’s mother needed care following a heart attack, Helen wanted to retire early to help. Working with their advisor, they discovered that if Helen retired immediately and Frank worked five more years instead of three, they could still achieve their financial goals.In another scenario, Bill and Sheila had planned staggered retirements due to their five-year age difference. When Bill unexpectedly received an inheritance, they reassessed their plans and found they could retire together after all.
These examples highlight why flexibility matters in retirement planning. Whatever approach makes sense for your circumstances, we're here to help you navigate your options in ways that honor both your financial security and personal fulfillment.