EP 143 | How to Plan for Retirement Together

Welcome to The Retirement Years on Profit Boss® Radio episode 143! This is a brand new season of Profit Boss® and I have made a few adjustments this season! Now titled: The Retirement Years on Profit Boss® Radio, this show is your weekly wealth building and retirement mastermind. Profit Boss® is also a movement for women to reach their full wealth potential and be financially free. I’m covering the sophisticated wealth planning topics that most directly affect you, my sophisticated listeners. So, let’s get right to it!

In this week’s episode, I talk about planning for retirement as a couple. The idea of planning for retirement, in general, can be daunting, and then approaching retirement planning with your significant other isn’t always easy or straightforward. It can be incredibly difficult to become mentally prepared for this discussion with your partner. You are also likely in that busy season of life right now where you are faced with many current financial obligations, such as buying a home, making repairs or renovations (like me!), sending kids to college, career planning, and even travel.

I understand there are many things for you to accomplish now, but let’s prioritize planning for the future you and your loved want, too. You can have your best life in retirement. It can seem like a lot of sacrifices foregoing what you want today for tomorrow. In actuality, you can leverage your planning now and for the future. So, how do you plan for your future with your significant other?  That’s what I cover in today’s show.

This episode is split into three sections. First, you discover what you need to know to start planning for retirement. Second, I share what things you need to do to plan as a couple. Third, I reveal the most important aspects of a successful retirement. Tune in and glean insider tips and tactics on how to plan for retirement together.

Here’s what you’ll find out in this week’s episode of Profit Boss® Radio

Part 1: What you need to know to start planning for retirement together (7:42)

• The importance of making joint decisions together
• Why you should begin to communicate about your values and commitments
• Examples of questions on how to initiate the financial planning conversation between you and your partner

Moneywise segment-What is diminished marginal utility?

Part 2: What things you need to do to plan as a couple (20:28)

• My top tips for retirement planning together
• The importance of specificity in your financial goals and decisions
• Questions that you and your partner should have concrete answers for
• Why your retirement plan should be customized to you
• What you should consider when thinking about becoming an expat in retirement
• Why you should talk about your beneficiaries and double-checking your beneficiary elections
• Why you should not stress about you and your spouse’s retirement transition
• How a financial planner can be beneficial to your retirement plan
• How to maximize your expected social security income 

Part 3: What are the most important aspects of a successful retirement (32:32)

• What are you and your spouse’s social security based on
• Why a couple should make sure to plan for healthcare in retirement
• How income tax should factor into your retirement planning
• Understanding the impact of where you invest your money

Resources and Related Profit Boss® Content Mentioned in this Episode

• MoneyWise
• Marital Property: Who Owns What?
• Social Security Benefit Estimator

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Disclaimer

Hendershott Wealth Management, LLC and Profit Boss® Radio do not make specific investment recommendations on Profit Boss® Radio or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.