3 Tips for Couples Planning Retirement Together
Planning for retirement as a couple can be both exciting and challenging. This article offers valuable tips to help partners navigate this important life stage together, covering topics from securing guaranteed income to aligning goals. Drawing on insights from retirement planning experts, these strategies will help couples prioritize their needs and build a solid financial foundation for their golden years.
- Secure Guaranteed Income with Annuities
- Align Goals Through Open Communication
- Prioritize Needs Before Wants in Retirement Planning
Secure Guaranteed Income with Annuities
One powerful piece of advice I give to couples planning for retirement together is this: lock in guaranteed income you can both count on—no matter what happens. The best way to do that? Consider an annuity.
Annuities create predictable, lifetime income that can't be outlived, which removes one of the biggest stressors couples face: What happens if we outlive our savings? By securing an annuity—especially one that includes joint lifetime income—you're not just investing money, you're investing in peace of mind for both partners.
It also brings clarity to the planning process. Instead of debating market performance or guessing future expenses, couples can align around one goal: covering their essential expenses with guaranteed income. That creates a strong foundation for the rest of your retirement strategy.
Start the conversation by asking: How much income will we need every month to live comfortably—and how much of that should be guaranteed for life?
A good annuity can answer that question—and protect your future together.
Align Goals Through Open Communication
One piece of advice I'd give to couples working on their retirement plan together is to start with open, honest conversations about your individual goals, values, and concerns. Retirement means different things to different people, so getting on the same page early is essential. Set regular times to review your plan together. My wife and I call these our "money dates." This keeps you aligned and allows you to adjust as life changes. Treat it like a shared project where both voices matter, even if one person handles more of the finances day-to-day. Collaboration works best when there's transparency, mutual respect, and a clear understanding of your long-term vision as a team.
Once you understand each other's goals, values, and concerns when it comes to retirement planning, I recommend meeting with a financial professional to help you turn those into an actionable retirement plan.
Prioritize Needs Before Wants in Retirement Planning
Write down and share each person's needs, wants, and goals in retirement. From there, make sure that you are taking care of each other's needs first financially. Then I would settle on a strategy to best position each partner to be able to achieve their retirement goals. After that, I would see if there are some "wants" that you can take care of with any leftover time and treasure.
