Several studies have shown that couples usually do not agree about a number of things regarding their retirement. Things that often cause arguments can range between where they are going to live, how old they expect to retire, and the kind of lifestyle they have envisioned.
Here are important topics you should discuss with your spouse when considering your retirement plans:
Both of you should understand your financial situation once you retire. Studies show that in most cases, wives are usually less involved when it came to managing retirement finances. For things to work out, the each couple needs a clear understanding of their financial capabilities.
Deciding when to retire is usually determined by several factors. Things usually involved in making this decision includes what sort of job you have, how much you enjoy your job, and your financial needs. One more things couples need to discuss is how to maximize social security benefits since social security isn’t only for the employee but also gives out benefits to an employee’s spouse.
There are plenty of possible outcomes that will affect your benefits upon retirement so it would be best to discuss your available strategies with your lawyer or financial planner.
One of the most vital parts of retirement is making sure you and your spouse have proper health care coverage from either medicare, medicaid or a company plan. Make sure you both understand the rules and benefits involved in any future plans to keep your finances and insurance in check. Those who are unsure about the status of their long term care should consult a long-term planning or estate attorney.
This is the aspect of retirement that most couples argue about the most. Here are a few examples of topics to discuss regarding your retirement:
- What are you expecting out of retirement?
- Where do you want to live?
- Do you want to travel?
- Do either of you need special care?
1. Long-term care
With many couples, it is common for one or both of them to require some long-term care from the other. You can discuss what you want or need help with along with what you can and can’t provide so that misunderstandings are less likely to occur in the future.
You can ask for help from your elder & long term health-care lawyer to put up a good plan together. Preparing your retirement plan and making things clear on the outset can save both of you a lot of time, expenses, and prevent grief from building up later on. The last thing you want is to find out your retirement plans conflict with your spouse’s.