Today's Hack

Finances can cause a lot of stress for couples. However, planning together is crucial to your overall financial plan. On today’s episode, we will highlight a few areas that couples need to focus on as a team.

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Show Notes For This Episode

Other Retirement Facts:

Couples need to be on the same page when it comes to their retirement plans and goals. So today, we are going to discuss some financial topics you need to address as a team.

Although pensions are becoming less and less common if you do have this benefit make sure you are planning accordingly with your spouse. The single-life option pays the most out during your lifetime, but if your spouse lives longer than you, that benefit goes away when you pass. Make sure you and your spouse discuss the pension benefit options and what is best for you as a couple.

Similar to having a pension strategy, you will want a Social Security plan. Will you start benefits at the same time? Will the higher-earner wait to take out their benefit? Delaying the higher income may be a good option, but you will have to factor in your specific scenario.

It’s not always about finances. Have you and your spouse spoken about your actual retirement plans? Maybe one of you wants to move closer to the family and the other wants to travel. Make sure you know what your plans are before you actually retire. You will want to save for that type of lifestyle.

Lastly, make sure you and your spouse are coordinated in your investments and risk tolerance. You are a team and it’s important that you coordinate your individual accounts to reflect that. Perhaps you have different levels of risk tolerance. Finding a middle ground will be important to your family’s overall financial plan. Planning as a couple takes a lot of coordination and communication, it’s always a good idea to discuss these topics with your financial advisor.

Listen to the entire episode or skip ahead using the timestamps below. 

[0:55 ] The many hats Phil wears

[2:03 ] The Pension spousal benefit option

[4:26] Social Security strategy

[6:35] Plans for retirement

[10:23 ] Coordinating individual accounts

[15:33] Risk tolerance

A Quotable Moment:

“You can’t just ignore one versus the other and have totally separate plans, because at the end of the day you’re not separate you’re married.”

-Phil Putney

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