Most married couples have many discussions around "what we dream of doing together when we retire." The years' fly by and then one happy day retirement finally arrives. But retirement often brings challenges to couples. One of you may choose to continue to work while the other retires. This may lead to different needs for insurance coverage. You need to have a financial plan to meet today's needs, address your potential future health and financial challenges and make sure each of you is protected financially in event of the other's death. At Harborstone we can help you navigate the complex issues of retirement together.
What To Consider
Retirement planning - for the married couple
Hopefully all the way along you have included your spouse in your retirement planning. It takes both of you to reach your retirement goals. Some key retirement issues to resolve together include deciding where to live when you retire, at what age each of you wants to retire, and what financial resources you'll need in order to have the enjoyable retirement you've envisioned for yourself and your spouse. Following are a couple of fun financial tools to get your started:
Review your current investment strategy so you can enjoy the days ahead together
Now is the time to review your current investment strategy and consider if you and your spouse need to make changes to maximize your retirement income, minimize taxes and perhaps help meet the needs of family members including helping fund a grandchild's future college education. Theses financial budget calculators will help answer some of your cash flow questions:
Plan so that you can meet future financial and health challenges
As you approach retirement it is also a good time to consider what financial products and insurance coverage you and your spouse will need to ensure you can both enjoy retirement and manage any future financial or health challenges. Life Insurance and annuities could provide an important source of income in the event of your death to your surviving spouse in the future. You or your spouse may need supplemental health insurance. In the event you or your spouse require assisted living in the future, purchasing long-term care insurance now can provide future peace of mind.
How Harborstone can help
When you or your spouse retires you have a wonderful opportunity to make many of the dreams you had together in your youth possible. Take trips, spend time with children and grandchildren and pursue your hobbies. But making those dreams come true requires careful planning. At Harborstone we can offer you the financial products and services that will help you meet today's financial goals and tomorrow's potential challenges.