Financial Focus: You and your spouse need a shared retirement vision (column) |

Financial Focus: You and your spouse need a shared retirement vision (column)


If you’re single, then your retirement goals are your own — you don’t really have to consult with anybody, and you can change your plans whenever you like. However, if you’re married, then you and your spouse should develop a joint vision, encompassing all the key areas of your retirement lifestyle. These are a few questions you may want to address first:

• Where should we live? Once you retire, you may need to consider two key aspects of your living situation: the size and location of your home. Regarding size, you may look around one day and realize you have more living space than you actually need. This is especially true, of course, if you have children who have set out on their own. So, if you have a large single-family house, then you may want to consider whether you should move into a condominium or even an apartment, either of which might be more cost-effective for you.

As for location, you may decide that retirement is the perfect time to move, either to seek a more favorable climate or to be near grown children and grandchildren. In any case, moving to a different area is a major financial decision, so you and your spouse will certainly want to discuss all the aspects of relocation.

• Will either of us work? Retirement no longer means the cessation of all work. You or your spouse — or perhaps you and your spouse — may want to use your skills and experience to do some consulting or even open your own business. Adding a source of earned income will almost certainly help your financial picture during retirement, but if either you or your spouse is planning to do some work, then you will want to be sure this activity doesn’t disrupt other plans that may be important to you, such as traveling. Also, any source of earned income during your retirement years may well affect important financial decisions, such as when to take Social Security and how much to withdraw each year from your retirement accounts, such as your IRA and 401(k). Again, it’s essential that you and your spouse be on the same page about any type of employment during retirement.

• How will we spend our time? Aside from possibly doing some type of work during your retirement years, how else might you spend your time? Would you like to travel extensively? Or would you rather stick close to home and pursue your hobbies or volunteer? These don’t have to be either-or decisions — hopefully, you’ll be able to explore many pursuits during your retirement. Keep in mind, though, that there will be different costs for these various activities, so you and your spouse may need to prioritize your choices to ensure they fit in to your overall financial strategies.

This article was written for use by local Edward Jones financial advisors. Edward Jones and its associates and financial advisors do not provide tax or legal advice. Chuck Smallwood, Kevin Brubeck, Tina DeWitt, Charlie Wick and Bret Hooper are financial advisors with Edward Jones Investments and can be reached in Edwards at 970-926-1728, in Eagle at 970-328-4959 or in Avon at 970-688-5420.

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