Why Retirement Planning for Couples Matters
Retirement planning for couples involves much more than saving money and building investment portfolios. It requires meaningful conversations about lifestyle, healthcare, retirement timing, Social Security, and the future you want to create together.
Most couples spend years preparing financially for retirement.
Savings have been accumulated. Investment portfolios have been built. Retirement income strategies have been developed. Estate plans are in place.
That is usually when we ask a different question:
Have you actually talked about what retirement will look like?
Not the numbers. The life.
Where will you live? How will you spend your time? What are you each looking forward to most? Have you both been envisioning the same retirement?
In our experience, many couples have not had these conversations. It is not because they do not care. Rather, the financial preparation often crowds out the personal preparation.
Retirement planning for couples requires both.
Common Retirement Planning Challenges for Couples
Research shows that many couples enter retirement with different expectations.
According to Fidelity’s 2024 Couples and Money Study, 53% of pre-retired couples disagree about how much money they will need for retirement. Additionally, 48% disagree about when they plan to retire.
These are not small differences. They can affect everything from retirement income planning to lifestyle decisions.
Another common surprise involves retirement timing. Many couples expect to retire at the same time or within a year of each other. However, Ameriprise research found that only 11% actually do.
A staggered retirement can be a smart financial decision. However, it works best when both partners expect it and plan for it together.
Six Retirement Planning Questions Every Couple Should Ask
Where Will We Live?
This question often has the largest financial impact.
One partner may dream of relocating to a warmer climate. The other may want to stay close to family and friends.
Housing decisions affect cost of living, healthcare access, travel expenses, taxes, and proximity to children and grandchildren.
The earlier these conversations occur, the more options couples typically have.
What Gives Each of Us Purpose?
Retirement removes a structure that has existed for decades.
Some people embrace that freedom immediately. Others struggle with the transition.
Retirement planning for couples should include conversations about purpose, fulfillment, and identity. Consulting work, volunteer opportunities, board service, hobbies, and community involvement can all play important roles.
It is also important to discuss how much time together and apart each partner prefers.
What Will Healthcare Cost?
Healthcare expenses are often underestimated.
Fidelity estimates that a 65-year-old retiring in 2025 may spend approximately $172,500 on healthcare throughout retirement. For a couple, that amount approaches $345,000.
Healthcare planning should include Medicare decisions, out-of-pocket expenses, prescription costs, and potential income-related surcharges.
Couples with an age gap may also face additional planning considerations if one spouse retires before becoming eligible for Medicare.
What If One of Us Needs Long-Term Care?
This is one of the most difficult retirement conversations. It is also one of the most important.
The U.S. Department of Health and Human Services estimates that more than half of adults turning age 65 will require some form of long-term care during their lifetime.
Long-term care expenses can have a significant impact on retirement assets. Discussing preferences and potential funding strategies early often provides more flexibility later.
How Should We Coordinate Social Security?
Social Security planning is a household decision, not an individual one.
The age at which one spouse claims benefits can affect survivor benefits and overall lifetime income.
For many couples, delaying benefits may significantly increase long-term income. However, the right strategy depends on earnings history, health considerations, and retirement income needs.
Because of this, Social Security decisions deserve careful analysis.
Do We Have a Formal Retirement Strategy?
Many couples assume they are prepared simply because they have accumulated assets.
However, retirement planning for couples involves much more than account balances.
A complete strategy should address retirement income, investment management, tax planning, healthcare costs, estate planning, and wealth transfer goals.
Having a coordinated plan can help create confidence and clarity as retirement approaches.
What We Have Learned About Retirement Planning for Couples
After decades of working with retirees, we have noticed a common pattern.
The couples who feel most comfortable in retirement are rarely the ones with perfect circumstances.
Instead, they are often the couples who have spent time discussing expectations before retirement begins.
They understand how they want to spend their time. They have aligned their priorities. They have talked through potential challenges before those challenges arrive.
Most importantly, they continue having these conversations as circumstances evolve.
Frequently Asked Questions About Retirement Planning for Couples
Why is retirement planning for couples important?
Retirement planning for couples helps ensure both partners share similar expectations regarding retirement timing, lifestyle goals, healthcare needs, and financial priorities.
When should couples start retirement planning?
Ideally, couples should begin retirement planning several years before retirement. Early discussions provide more flexibility when making decisions about housing, healthcare, Social Security, and retirement income.
What is the biggest challenge in retirement planning for couples?
One of the most common challenges is differing expectations. Many couples discover they have different retirement timelines, spending priorities, or lifestyle goals when they finally begin discussing retirement in detail.
How should couples coordinate Social Security benefits?
Social Security decisions should be evaluated together because one spouse’s claiming strategy can affect survivor benefits and overall household income throughout retirement.
How much should couples budget for healthcare in retirement?
Healthcare expenses vary by household, but many retirees underestimate the long-term cost of Medicare premiums, out-of-pocket expenses, and potential long-term care needs.
What conversations should couples have before retirement?
Couples should discuss where they will live, how they will spend their time, retirement timing, healthcare planning, Social Security strategies, and long-term care preferences.
Should couples meet with a financial advisor before retirement?
A financial advisor can help couples align financial strategies, evaluate retirement income sources, coordinate tax planning, and facilitate important conversations about retirement goals.
Disclosures
Investment Advisory Services offered through FAS Wealth Partners, a Registered Investment Adviser with the U.S. Securities & Exchange Commission. Registration does not imply a certain level of skill or training. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. FAS Wealth Partners’ articles and associated links offer news, commentary, and generalized research, not personalized investment advice. Nothing in this article should be interpreted to state or imply that past performance is an indication of future performance. All investments involve risk and, unless otherwise stated, are not guaranteed. Securities may be offered through FAS Corp, an SEC registered broker-dealer and member of FINRA. FAS Corp is an affiliate of FAS Wealth Partners.
