There’s a good chance you’ve already had some conversations with your spouse about retirement to get on the same page about what it looks like for you and some of your top concerns.
You might have a shared vision of moving somewhere tropical, kicking back and relaxing or living closer to your family members to be around your grandchildren.
One of the first and most important things you can do to set yourself up for success when planning ahead for retirement is to have a conversation about what your expectations are, including the lifestyle that you intend to lead, whether or not you plan to downsize your home, move or consider different living arrangements altogether, how both of you will manage your money including how much you will spend and what your budget is on a regular basis, and when you want to stop working and truly enter retirement.
Another important topic to discuss with your spouse about retirement is how you’re going to factor social security income into your retirement saving strategy. After you and your spouse have had initial conversations about expectations for retirement, it’s a good opportunity to match those up with the necessary financial moves.
Depending on your age and current financial situation, an outside professional could help you determine what the next most important steps are for you when it comes to retirement. Speaking with a qualified financial advisor can help you to understand the steps that you need to take to prepare yourself and where your current retirement strategy might not align with the goals and vision that you have set with your spouse. Retirement should also be considered as part of your estate planning strategy. Schedule a consultation today with a trusted estate planning lawyer.
- Do I Really Need to Create Last Instructions with My Will? - October 14, 2020
- Durable Power of Attorney Versus Power of Attorney - September 22, 2020
- Does a Trust Help with Property Distribution? - September 1, 2020