For many people, retirement planning is a joint effort. Whether you’re newlyweds or celebrating another milestone anniversary, there are some important conversations that you may want to consider having with your spouse regarding retirement. Here are some topics you may want to cover when creating a retirement plan built for two.

How Much Do We Have Saved?

First, it’s important that you both are on the same page about your finances and how much you actually have saved for retirement. You’ll truly want to make an effort to approach retirement planning as a team. As with many things in life, we may achieve our goals in a more efficient way if we work together to accomplish them. You may want to add more to your retirement plan if your spouse doesn’t have a 401(k). If one of you doesn’t have a salary while the other does, consider looking into a spousal IRA. With a spousal IRA, a working spouse can contribute to a nonworking spouse’s retirement.

‘We’re Not the Same Age’ – How Does That Affect Us?

Second, you’ll want to make yourselves aware of how the age gap can potentially impact your retirement strategy. In some marriages, there are considerable age gaps between the two spouses. In planning for your retirement savings, you may want to consider saving based on the younger spouse’s age. For example, if you will be 65 when your spouse is 55, it might make sense to add another 10 years of planned savings into your accounts. Understanding the age gap between you and your spouse can help you ensure that you maximize both of your Social Security benefits. Consider if one of you will claim a Social Security spousal benefit worth up to 50% of the other’s benefit.

When Will We Retire?

Our third and final topic for you to discuss with your spouse is to consider when each of you will retire – maybe it’s not at the same time, or maybe you’ll transition to part-time first. When both spouses are working, there are a lot of adjustments that come with both of you retiring at the same time. The sudden stop of paychecks may financially shock the household for some time. Also, having both spouses adjust to being home all the time with the other may be difficult. It may also be an adjustment for a nonworking spouse to have their husband or wife suddenly always home. As with any major decisions in life, it is best to think through them thoroughly to make the best choices.

Ultimately, you and your significant other should collaborate early and often when planning for a secure retirement that you’ll both enjoy. A solid strategy can help you prepare and keep you grounded through retirement. Click HERE to request your complimentary, no-obligation financial review with Zinnia Wealth Management and we’ll help you and your spouse understand the next steps you need to take.