Whether you’ve been married 40 years, or on your fourth marriage, retirement planning as a couple needs specific strategies to make the most out of your retirement years.
As a couple, planning for retirement can be a daunting task. With so many factors to consider, it’s important to start early and have a clear plan in place. Here are some tips and strategies to help you and your partner successfully plan for retirement in 2023 and beyond.
- Determine your retirement goals.
Before you can start planning, it’s essential to know what you and your partner want to achieve during retirement. Do you want to travel the world, spend more time with family, or pursue new hobbies? Your retirement goals will help shape your financial plan and inform your investment decisions.
- Assess your current financial situation.
Take a close look at your current financial situation, including your savings, investments, debt, and any potential sources of income, such as pensions or rental properties. This will help you determine how much money you’ll need to save to reach your retirement goals.
- Create a budget.
Once you have a clear picture of your financial situation, it’s time to create a budget. A budget will help you understand how much you can afford to save for retirement and identify areas where you can cut costs. Don’t forget to factor in inflation and any potential changes to your income or expenses.
- Contribute to a retirement account.
One of the most effective ways to save for retirement is to contribute to a retirement account, such as a 401(k) or IRA. These accounts offer tax benefits and can help you save more for retirement. Be sure to take advantage of any employer matching contributions and consider consulting with a financial advisor to determine the best options for you and your partner.
- Diversify your investments.
Diversifying your investments can help mitigate risk and potentially increase your returns over the long term. Consider a mix of stocks, bonds, and other investment vehicles to create a balanced portfolio.
- Consider long-term care insurance.
As you age, the possibility of needing long-term care increases. Long-term care insurance can help cover the costs of in-home care, assisted living, or nursing home care if you or your partner becomes unable to care for yourselves. It’s important to consider this coverage as part of your retirement plan.
- Communicate with your partner.
Retirement planning is a joint effort, so it’s essential to stay on the same page with your partner. Make sure to regularly discuss your goals and progress, and be open to making changes to your plan as needed.
How CKS Can Help
By following these tips and strategies, you and your partner can work together to create a solid plan for a comfortable and fulfilling retirement. But it isn’t always as straightforward as you may have hoped. Inflation, volatile markets, war and the threat of a recession are all complicating the process. This is where the retirement income advisors at CKS Summit Group can help.
There are several reasons why using a retirement advisor can be helpful for people planning to retire in 2023 or at any other time:
- Expertise: Retirement advisors have extensive knowledge about retirement planning, including investment strategies, tax laws, and the various types of retirement accounts. They can help you make informed decisions about your retirement savings and investments.
- Objectivity: It can be challenging to make objective decisions about your own retirement, especially if you’re emotionally attached to your savings or investments. A retirement advisor can provide an objective perspective and help you make decisions that are in your best long-term interest.
- Personalization: A good retirement advisor will take the time to understand your individual situation and create a personalized plan that meets your specific goals and needs. This can be especially helpful if you and your partner have different retirement goals or if you have complex financial circumstances.
- Time: Planning for retirement can be time-consuming, especially if you’re trying to balance it with your other responsibilities. A retirement advisor can help save you time by handling the details and allowing you to focus on other things.
- Peace of mind: Working with a retirement advisor can give you peace of mind knowing that you have a professional helping you plan for your financial future. This can help reduce stress and allow you to enjoy the retirement process.
Overall, using CKS Summit Group can be a helpful resource for couples planning to retire, especially if you have limited knowledge about retirement planning or simply don’t have the time to handle the details on your own.