Are you and your partner heading into retirement with different timing? If so, you're not alone. In fact, more than half of American households do not retire all at once, with individuals working in retirement and spouses retiring at different times. This can lead to significant changes in spending patterns and financial security.
According to a recent report, the majority of retirees experience volatility in their spending patterns over time. This can be a major concern when planning for a smooth-sailing retirement. With couples retiring at different times, the impact on long-term financial security can be even greater.
Many retirees experience spending surges at the beginning of retirement, which can have a negative impact on long-term financial plans. Early and unexpected withdrawals from retirement accounts can damage overall long-term returns and increase the risk of outliving your money.
To manage retirement spending surges, it's important to have open and honest conversations about spending before one of you retires. Understanding each other's financial goals and priorities can help you make informed decisions about how to manage your spending in retirement.
Spending in retirement should be enjoyable, but many retirees feel uncomfortable spending their hard-earned money. Learning to spend comfortably and responsibly is just as important as saving and investing for your future. Seek guidance from a financial adviser to help create a solid plan for managing your spending in retirement.
As you navigate the waters of retirement with your partner, remember that every couple's situation is unique. By having open communication and working together to create a plan that aligns with your financial goals, you can set yourselves up for a successful and fulfilling retirement.