{"id":13933,"date":"2025-02-19T14:04:33","date_gmt":"2025-02-19T22:04:33","guid":{"rendered":"https:\/\/www.soundcu.com\/?p=13933"},"modified":"2025-10-21T16:50:30","modified_gmt":"2025-10-21T23:50:30","slug":"how-do-we-plan-for-retirement-as-a-couple","status":"publish","type":"post","link":"https:\/\/www.soundcu.com\/blog\/how-do-we-plan-for-retirement-as-a-couple\/","title":{"rendered":"How Do We Plan for Retirement as a Couple?"},"content":{"rendered":"<div class=\"co-flex_row co-flex_row__blue co-flex_row__last co-flex_row__long-form-text\" >\n\t<div class=\"co-flex_row--row co-row\">\n\t\t\t<div class=\"co-long_form\">\n\t\t\t\t\t<div class=\"co-long_form--block co-long_form--block__nomedia prow items-start \">\n\t\t\t\t<div class=\"co-long_form--text pcol-md:8\">\n\t\t\t\t\t<div class=\"co-long_form--content\"><h3><strong>Question: <\/strong><\/h3>\n<p><em>My husband and I got married later in life and we never combined our finances. I trust him to manage his money, he trusts me to manage mine, and we\u2019re happy that way. But as we get closer to retirement, I\u2019m more aware that we need to think about our shared financial goals. So, how do we start planning for retirement as a couple?<\/em><\/p>\n<p>&nbsp;<\/p>\n<h3>Answer:<\/h3>\n<p>Planning for retirement as a couple is like designing your dream vacation \u2014 but instead of just packing your bags, you\u2019re preparing for decades of financial freedom and adventure. It\u2019s a journey best undertaken together, and while it can feel daunting, a little strategy and a lot of communication will set you up for success.<\/p>\n<p>To start, take stock of your financial situation. Think of this as your \u201cfinancial check-in\u201d moment. Sit down together to review your financial standings \u2014 both individually and as a couple. This means pulling out all your paperwork (or a computer or tablet on which you can easily look at your electronic statements), including:<\/p>\n<ul>\n<li><strong>Income sources<\/strong> &#8211; current salaries, pensions, or side hustles<\/li>\n<li><strong>Savings<\/strong> &#8211; how much you\u2019ve individually saved for retirement, including 401(k)s, IRAs, or brokerage accounts<\/li>\n<li><strong>Debts<\/strong> &#8211; mortgages, credit card balances, or other loans<\/li>\n<\/ul>\n<p>The goal is not to micromanage each other\u2019s finances, rather it\u2019s to get a clear view of what you\u2019re working with individually and identify gaps or overlaps in your plans.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Articulate Your Shared Goals <\/strong><\/h3>\n<p>Once you\u2019re both on the same page,\u00a0 it\u2019s time to define your shared retirement goals. Start with a simple question: What does retirement mean to you? Is it a life of travel and adventure? Or perhaps downsizing to a simpler home? Start with open and honest conversations about what your ideal \u201cgolden years\u201d will look like.\u00a0 But be specific.\u00a0 Do you envision working? And if so how much?\u00a0 How do you think you\u2019ll spend regular days?\u00a0 Will you be more social than you\u2019ve been in the past or less? Then once you\u2019ve defined your dreams, attach numbers to them. You can use online retirement calculators (and resources from <a href=\"https:\/\/www.soundcu.com\/personal\/invest\/\">Investment Services<\/a>) to estimate how much you\u2019ll need annually to sustain your desired lifestyle, and from there you can create a joint budget.<\/p>\n<p>And that budget is incredibly important \u2014 a well-thought-out spending plan is the foundation of any retirement plan. Start by listing anticipated expenses in key categories like housing, healthcare, transportation, and entertainment. Then, consider how inflation might affect these costs over the decades. For example, healthcare expenses are likely to increase as you age. Or if you\u2019re planning to relocate, you\u2019ll want to research cost-of-living differences in your desired area. With a detailed sense of how much this new life is going to cost you, you\u2019ll have a clearer picture of how much you\u2019ll need for later and where you might need to adjust your spending and saving habits in the here and now.<\/p>\n<p>&nbsp;<\/p>\n<h3>Coordinate Retirement Savings<\/h3>\n<p>Speaking of adjustments, although you and your partner don\u2019t need to combine accounts in order to plan effectively, you do need to coordinate your savings and retirement contributions. For example, if either of you has access to an employer-sponsored 401(k) with matching contributions, prioritize those \u2014 it\u2019s literally free money! Likewise, if one of you earns significantly less, consider opening a spousal IRA to help close any savings gap.<\/p>\n<p>Also, don\u2019t lose sight of the fact that there\u2019s strategy involved with your Social Security claiming decision, too \u2014 for example, delaying Social Security until age 70 can significantly increase your monthly payouts.\u00a0 So make time to sit down together and review your latest statements. You can discuss when and how each of you will claim Social Security benefits so you can optimize your combined income.<\/p>\n<p>Perhaps most importantly, understand that no one \u201cplans for retirement\u201d in a single conversation. Your financial situation, including your goals and your income, will evolve over time. Make it a habit to check in on your progress at least annually or whenever a major life event occurs so you can revisit your retirement budget and investment strategy to ensure you\u2019re still on track. On that note, make sure you take time to celebrate hitting financial milestones together. When you take time to collaborate in the here and now, you set yourselves up for decades of financial security and a stress-free retirement.<\/p>\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\n\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Planning for retirement as a couple is like designing your dream vacation but instead of just packing your bags, you\u2019re preparing for decades of financial freedom. A little strategy and a lot of communication will set you up for success. <a href=\"https:\/\/www.soundcu.com\/blog\/how-do-we-plan-for-retirement-as-a-couple\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":13,"featured_media":12441,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_searchwp_excluded":"","footnotes":""},"categories":[23,50],"tags":[83,241,59,228,84],"class_list":["post-13933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-advice","category-life-finances","tag-retirement","tag-saving","tag-savings","tag-savings-goal","tag-savings-goals"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/posts\/13933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/comments?post=13933"}],"version-history":[{"count":20,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/posts\/13933\/revisions"}],"predecessor-version":[{"id":17296,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/posts\/13933\/revisions\/17296"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/media\/12441"}],"wp:attachment":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/media?parent=13933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/categories?post=13933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/tags?post=13933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}