7 Step Retirement Checklist for Couples

At 210 Financial, our financial planning focuses on two key themes: helping couples prepare for retirement and strengthening their financial foundation. Here’s the ultimate checklist to ensure you’re retirement-ready and to guide you through the steps needed to retire confidently. Reviewing this checklist with your significant other not only prepares you for the future but also helps strengthen your financial heartbeat as a team. 

1. Prepare for the long run  

With people living longer than ever, careful consideration and planning are essential for a successful retirement. Preparing for a longer retirement means accounting for the funds you’ll need to sustain your lifestyle and achieve your goals. Factoring this into your retirement plan ensures you’re financially prepared for the years ahead. 

2. Work with a financial advisor 

Navigating the complexities of financial planning and preparing for retirement can feel overwhelming, but you don’t have to do it alone. A financial planner can serve as your guide, helping you define your goals, create a personalized strategy, and make informed decisions. For couples, working with a financial advisor can foster a shared understanding of your finances and ensure you’re both prepared for a secure and successful retirement. 

Learn More: Thankful for Financial Guidance: The Value of Working with a Financial Advisor 

3. Maximize Social Security benefits together 

Do you know the details of your Social Security benefits and how they can work for you? What about benefits for spouses? One key advantage couples can leverage is spousal benefits, which allow one spouse to receive up to half of their partner’s full retirement benefits. Understanding how these benefits work is essential to maximizing your Social Security and ensuring you’re making the most of what’s available. 

4. Make a budget 

At times, it can feel like all we do is save and plan for the future, making budgeting seem frustrating. However, it plays a vital role both before and during retirement, helping you achieve financial security and confidence. 

Learn More: How to Create a Budget That Works for You: Practical Steps for Financial Success 

5. Have an emergency fund 

Life is unpredictable, and being financially prepared can help ease the burden of unexpected expenses or emergencies. Building an emergency fund is a smart way to mitigate these costs and provide peace of mind when unforeseen situations arise. 

6. Create an estate plan and get life insurance 

Planning for the loss of a spouse is never easy, but it can greatly ease the financial and emotional burden on the surviving partner. By addressing the logistics now, you ensure your loved ones are cared for as you intended, without unnecessary stress. Creating an estate plan and securing life insurance are key steps that can help lighten the load for your family members during a difficult time. 

Learn More: Debunking the 5 Most Common Misconceptions About Life Insurance 

7. Retire  

The final step is to retire and fully embrace the freedom and comfort that come with it. Spend quality time with your family, take that long-awaited trip, or indulge in something you’ve always wanted. You’ve earned every minute—so enjoy the fruits of your labor and make the most of this new chapter. 

Conclusion:  

As you approach retirement, remember to savor the moments with your family and pursue your dreams. Ready to start planning for a secure and fulfilling future? Schedule a meeting with a financial advisor today and take the first step toward a confident retirement.  

 

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Past performance is not indicative of future results. The material above has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed, and 210 Wealth Management, Inc., d/b/a 210 Financial makes no representation or warranty as to the accuracy or completeness of the information, which should not be used as the basis of any investment decision. Information contained on third party websites that 210 Financial may link to are not reviewed in their entirety for accuracy and 210 Financial assumes no liability for the information contained on these websites. Opinions expressed in this commentary reflect subjective judgments of the author based on conditions at the time of writing and are subject to change without notice. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission from 210 Financial. For more information about 210 Wealth Management, Inc., d/b/a 210 Financial, including our Form ADV brochures, please visit https://adviserinfo.sec.gov or contact us at (309)263-1333.