Approaching your retirement years is a monumental moment just about everyone in the workforce looks forward to. After a lifelong career, you finally get to kick your feet up, enjoy the sunsets, and perhaps even pick up some new hobbies.
But what’s even better than preparing for your retirement, is being able to retire with your spouse. This way, your plans to travel or explore new hobbies are in alignment!
However, planning for one partner to retire is challenging enough, but preparing for both of you to retire together is a whole new challenge. If you’re curious about the retirement benefits you qualify for or want some tips on saving and surviving retirement with your significant other, you’re in the right place.
In this article, we’ll cover some of the most frequently asked questions for couples preparing to retire together.
How much does retirement cost per person?
According to data from the Bureau of Labor Statistics, the average retiree spends approximately $50,000 per year. Depending on you and your spouse’s lifestyle, this number could double or even triple when you retire. This is what makes saving for retirement early on so crucial to a comfortable retirement.
What retirement benefits do married couples qualify for?
The main retirement benefit couples can qualify for is Social Security. Social Security benefits are monthly checks that are issued to spouses of retirees after age 62. The average check amount per month for spouses of retired workers is $709.42, according to the Social Security Administration. Of course, in order to receive this benefit, you must meet the criteria outlined by the SSA.
Social Security Spousal Benefits Eligibility:
• You must be 62 years or older
• You must be currently married to the primary recipient of SSA benefits
Note: Although you can claim Social Security benefits as early as age 62, you may want to wait to take advantage of these benefits as they increase for every year that retirement is delayed.
Are there other ways to save besides in a retirement account?
Absolutely! We often hear about 401k plans and IRAs as the only or most common ways to save up for retirement. And while they are a great option for many people, they’re not the only option you have to consider as you start saving for retirement.
In addition to a retirement plan, you might consider budgeting on your own for retirement using a retirement savings app where you can manage your savings and evaluate the best retirement savings plan for your financial situation.
Additionally, you might consider other avenues of income to help you save for your sunset years—a part-time job, leasing out a spare room in your house, or making investments on the stock market may be viable options for you.
The takeaway here is that there’s no one-size-fits-all approach to retirement savings, nor should you only decide on one option when you’re saving up retirement funds.
Where are the best places to retire?
As you probably know, retirement is expensive which leads many retirees to search for new options that allow them to afford their lifestyle with a more limited income. According to data from Kiplinger, these are the cheapest places to retire in 2019:
- Charlottesville, VA
- Fargo, ND
- Rochester, NY
- Phoenix, AZ
- Provo, UT
- Cape Coral, FL
- Albuquerque, NM
- Kansas City, MO
But besides saving on costs during retirement, it’s important to prioritize relaxation and fun in order to make the most of your retirement years. Retirement communities are a good option for many retirees because they include living costs, luxury accommodations, and a sense of community that helps make retiring with your spouse even more enjoyable.
How do I avoid gray divorce?
According to recent data from Pew Research, divorce rates are climbing for Americans 50+ population. Some blame it on longer lifespans while others have investigated how spouses spend their life after retirement together.
Think about it—you go from spending 80% of your time together to almost 100% practically instantly. But by keeping communication strong, encouraging each other’s hobbies, and making the most of your retirement, you and your spouse can make these some of the best years of your relationship!
As you near your retirement, refer to these tips to help you save, plan, and enjoy your sunset years to their full capacity!
We ask that every contributor and expert answer the Identity “Get All A’s” questions in keeping with our theme. Their answers can be random and in the moment or they can be aligned with the current article they have written. In that way, and as a team, we hope to encourage and motivate each other, thus inspiring you to Get All A’s.
1. What have you accepted within your life, physically and/or mentally? Additionally, what are you still working on accepting? Now, we’re talking about resignation, rather stepping into, embraced, and owned.
That not all will enjoy my writing.
2. What have you learned to appreciate about yourself and/or within your life, physically and mentally? On the other hand OR in contrast, are there elements of who you are that you’re still working on appreciating?
I appreciate my ability to be creative.
3. What is one of your most rewarding achievements in life? Tell us not only what makes YOU most proud but also share the goals and dreams that you still have.
Proud to have a career in writing