Today’s Prep:
Did you take the trash out? Oh, and what is our income plan after one of us dies? One of these is a question you might ask your spouse regularly after dinner while the other one is important but often overlooked. We’ll talk about five questions you should start to ask now when it comes to planning your retirement with your spouse.
Equipping Points:
You don’t always know what is ahead in life, but there are a number of possible scenarios that are worth talking through with your spouse. It’s easy to get caught up in the mundane of daily life now, but have you discussed these questions regarding life in retirement?
What happens if you end up supporting elderly parents? Or your adult children? Or both? How will you handle emergencies? What’s it like to spend a lot more time together all day long?
You may be surprised by some of the answers. It’s good to remember that planning for retirement is more than just about having money. There’s a lifestyle and routine to consider. Maybe you’ll need new hobbies or a part-time job to keep you busy. Or maybe you’ll have more family members to care for at home.
You’ll want to figure out what motivates you in retirement, as well as what your income plan is. While these may not be typical dinner conversation, having the discussion now could save you from a lot of confusion or frustration down the line.
Listen to the entire episode above or click on one of the questions in the timestamps below for more details.
1:22 – Are you supporting your kids and your parents simultaneously?
3:24 – How does your family feel about you quitting your job and being home more?
6:15 – Are you retiring from your job or to something else?
8:48 – How will you be prepared to handle emergency fund expenses?
9:57 – What happens to the income plan after the death of the first spouse?
Related Resources:
Today’s Takeaway:
[spp-tweet tweet=”There’s nothing wrong with working in retirement and a lot of employers love hiring retirees because their work ethic is so great. –Eric Peterson“]
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Mailbag: 4% Rule, Life Insurance, and Early Retirement Questions
In this episode, Eric opens the mailbag to answer three listener questions that hit on some of the most common—and often misunderstood—retirement topics.
Read More
Beyond Stocks: The Problem-Solving Power of Financial Advisors
Most people think a financial advisor’s primary job is picking investments, but that’s just a small piece of the puzzle. In today’s episode, Eric explains that the real work happens in solving the complex, emotional, and unexpected problems that come with retirement: early job loss, tax challenges, the loss of a spouse, or even recovering from bad advice.
Read More
Mailbag – Roth IRA, Emergency Funds & Tax-Deferred vs. Tax-Free
Making more money is great, but what happens when it becomes a roadblock for contributing to a Roth IRA? And how can you make your emergency fund work smarter for you? In today’s episode, we pull from the mailbag and answer a mix of listener questions. Eric addresses concerns that reflect the real-life hurdles many face on the road to retirement.
Read More
How 2025 Tax Updates Can Impact Your Financial Plan
Although tax season has come to a close, the time for smart tax planning has just begun! In this episode, we unpack the upcoming tax updates that could affect your planning for the next few years, including changes to 401(k) contribution limits, tax deductions, and the potential benefits of using tax-advantaged accounts like HSAs.
Read More
Early Retirement: Dream Come True or Financial Trap?
Ever fantasize about leaving your 9-to-5 before traditional retirement age? You’re not alone, but is early retirement even possible? In today’s episode, Eric explores what it really takes to retire early including how to tackle healthcare costs, how to make money last longer and the importance of shifting your mindset from spender to saver.
Read More
What 400+ Advisors Say Really Keeps Retirees Up at Night
What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We’ll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.
Read More
Bracket Busters and Stock Flops: The Risky Game of Picking Winners
March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.
Read More
Are Hidden Fees Draining Your Retirement Savings?
In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.
Read More
What Game Night Can Teach Us About Financial Planning
In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy.
Read More
Mailbag – Upsizing, Financial Advisors & Business Owner Planning
Join us as we answer questions about the challenges of downsizing, the emotional aspects of planning for family gatherings, and the realities of transitioning into a financial advisory career.
Read More