With the reality of Hawaii’s high cost of living, it is common for both spouses to be in the workforce. Retirement decision-making for today’s dual-earners is very different than it was for couples of yesteryear when it was usually just one spouse (Dad) who retired.
Now, both working spouses must make a decision together on their retirement, and each may have very different ideas of what that retirement will look like.
Here are 5 key decisions you need to make as a couple before you retire:
1. Timing.
Financial needs and whether or not you enjoy your work are usually the main determining factors when considering to retire. Couples also need to consider how they can maximize Social Security benefits.
2. Finances.
If one spouse has been handling the family finances, it’s time for both to understand their financial situation and how retirement may impact it.
3. Lifestyle.
One spouse may want to travel more in retirement, while another just wants to putter around the house. One may want to move, while the other wants to stay put. You need to reach a decision together on your retirement lifestyle.
4. Healthcare.
Both spouses need to have good healthcare coverage, either from Medicare and supplemental plans or, if you will continue to work in retirement, from an employer’s plan.
5. Long-term care.
Studies show that most of us will need some long-term care during our lifetimes. It is important to examine the options for long-term care coverage and put a plan together that suits your needs.
This article is a service of the Law Office of Keoni Souza, LLC, an estate planning law firm in Honolulu, Hawaii. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by contacting our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.
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