Should Couples Retire Together?
March 11, 2015
There is not a correct yes or no answer to whether it is best for couples to retire at the same time or different times. There are merely pros and cons of each option and the decision is left up to you. Consider these pros and cons in helping you to decide if it is best for you and your significant other to retire at the same time or stagger your retirements.
Age is a primary factor in both situations. Generally the older spouse will be eligible for some form of Social Security first, which will help offset any lost income. However that may leave the younger spouse, who won’t be able to replace their income with Social Security and at the same time may have to pay large healthcare premiums to remain insured. There are many ways to collect Social Security and to ensure you are choosing the best option for you, please contact our office at 763-231-9510.
Another factor to consider is the role each spouse plays within the household. Sometimes out of sync retirements can cause arguments and frustration in terms of who is responsible for certain household chores now that one spouse is retired.
The possibility of spending 24 hours a day, 7 days a week with each other can sometimes be concerning. An in-sync retirement may conjure up dreams of the beach and vacations together, but that can come as well with many challenges.
It is important to spend time together but also apart and have your own social network. By doing your own thing, meeting with your own friends and allowing the other spouse some freedom to do what makes them happy, you each bring more happiness and contentment into your home and your relationship.
All of these factors including age, retirement savings and roles come into consideration when deciding if it is right for you to retire together or separate. In either event, we encourage you to discuss and find out what is best for you, weigh each possibility so that you are both able to enjoy your retirement.