Couples’ Planning

It shouldn’t come as a surprise that the sooner you start planning for the future, the better prepared you’re likely to be. The same goes for retirement planning as a couple. The sooner you’re on the same page when it comes to your vision, the better the chance you’ll achieve it. The following tips can help you as you plan for retirement with your partner. 

1. Decide where you hope to live.

Where you choose to live in retirement can have a big impact on your lifestyle. If you plan to move, it’s important to factor in any changes to your cost of living as you plan and save for retirement. Visit and research various locations to better understand what daily life will look like in a new city or town. Also, decide what type of home you would like to live in (e.g., apartment, condo, single-family home), as this will also impact your expenses. 

2. Discuss the timing.

Not all couples retire at the same time. Although some look forward to leaving the workforce and entering retirement together, others decide to stagger their retirements. When considering the timing, it’s important to take into account your ages, your job satisfaction, the amount of savings you’ll have, your eligibility for pension benefits, your optimal Social Security timing, and more. Your wealth manager can run various projections to help you determine your ideal retirement timing so you can plan accordingly.  

3. Discuss how you’d like to spend. 

What will your spending priorities be in retirement? Do you hope to travel the world? Provide financial support to your children or grandchildren? Purchase a second home? Give to charitable causes?

Having an idea of your spending priorities can help you establish goals and remain focused on your values. It’s also important to know if you and your partner have different spending priorities, as you may need to implement additional savings and investing strategies to plan for these differences. 

4. Discuss your retirement goals. 

What’s your current lifestyle like, and what’s your vision for retirement? How are these similar to or different from your partner’s? 

Make individual retirement goal wish lists and compare them. Look for common goals and identify where you have different visions. Discuss how you can each compromise on your vision or make adjustments in your current lifestyle to help ensure you both achieve happiness and fulfillment in retirement.

5. Discuss how you plan to pay for medical expenses and long-term care.

Healthcare and long-term care expenses are some of the biggest costs faced by many retirees. In fact, a 65-year-old couple retiring in 2024 could expect to spend approximately $330,000 on medical expenses in retirement.

Not only that, but an estimated seven in 10 people will require long-term care in their lifetime, which can be pricey. In 2023, the median cost of a private room in a nursing home was $9,733 per month, while the average cost of a home health aide was $6,292 per month.

These numbers highlight the importance of having a plan in place to pay for healthcare and long-term care expenses in retirement. It may make sense to set aside funds in a health savings account (HSA) or purchase long-term care insurance (LTCI). Your wealth manager can advise you on a course of action that makes sense for you, given your personal financial situation and future goals. 

Katie Stephenson, JD, CFP, is a Private Wealth Manager and Partner with Creative Planning, one of the nation’s largest registered investment advisory firms providing comprehensive wealth management services to ensure all elements of a client’s financial life are working together, including investments, taxes, estate planning, and risk management. For more information or to request a free, no-obligation consultation, visit CreativePlanning.com.