Retiring With Your Spouse? Here’s What to Know SHP FInancial

If you don’t know what your spouse wants out of retirement, you might be faced with unforeseen, costly mistakes. Ask yourself if you know their specific plan. Do you know the day they plan to retire? Do you know exactly how your finances are going to be handled? Retirement is all about planning, and if you aren’t planning with your spouse, then you’re missing half of your retirement equation.

Here’s an extreme example to illustrate the point. What if tomorrow your spouse says, “I crunched the numbers and talked with my family—It’s time for me to retire next month.” If you had no idea that your spouse was getting ready to retire, how would you plan to pay the bills now that he or she is at a reduced income? How would you continue to save for your own retirement? Such a decision might cause you to frantically re-strategize and may even put your financial future in jeopardy. Your and your spouse’s lives are inextricably linked, not excluding your finances. That is why planning together is key.

Here are some topics and questions you can cover now with your spouse so that you don’t end up in an unpredictable and costly situation later:


  • First and foremost, when are you both planning to retire? This will help both of you to get an understanding of how your finances will shift in the coming years.
  • Next: where would you like to live when you retire? It’s possible for some folks to relocate once they aren’t tied down to a location because of work. Is this something you are interested in doing as a couple?
  • Another thing to consider related to the previous point: are you going to downsize your home? If you are going to stay in place, you might be interested in getting a smaller home now that the kids are on their own.
  • It’s also important to strategize when you and your spouse will claim Social Security.
  • Lastly, are you considering leaving wealth for your kids or grandkids, and if so, how much? This is another topic that it’s important to be on the same page about. If you have a solid plan in place for this aspect of your retirement, then you can work that into your overall plan more easily.


This is just scratching the surface when it comes to retirement planning for couples, and the earlier you start, the more you can have organized. If you are looking to have someone guide you and your spouse through the process of retirement, Click HERE to reach out to one of our professionals at SHP Financial today for a complimentary review of your finances.


The content presented is for informational purposes only and is not intended as offering financial, tax, or legal advice, and should not be considered a solicitation for the purchase or sale of any security. Some of the informational content presented was prepared and provided by tMedia, LLC, while other content presented may be from outside sources believed to be providing accurate information. Regardless of source no representations or warranties as to the completeness or accuracy of any information presented is implied. tMedia, LLC is not affiliated with the Advisor, Advisor’s RIA, Broker-Dealer, or any state or SEC registered investment advisory firm. Before making any decisions you should consult a tax or legal professional to discuss your personal situation.Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC.. In addition, other supervised persons of SHP Wealth Management, LLC. are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC. and SHP Financial, LLC. will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product.
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