By George McFadden

Retirement planning looks different for every couple. While traditional advisors often focus solely on market-based strategies, this approach can leave couples vulnerable to market downturns and uncertain about their financial future together. After 25 years of helping couples navigate retirement, I’ve seen firsthand how important it is to create a foundation of guaranteed income that both partners can count on.

Retirement is more than just a financial milestone—it’s a journey that couples embark on together. This transition brings unique challenges, from aligning individual goals to ensuring lasting financial security for both partners. But it also offers an extraordinary opportunity to strengthen your bond by creating a shared vision for your future, one built on the bedrock of protected retirement income.

Let’s explore how you and your partner can work together to build a retirement plan that not only reflects your priorities but provides the peace of mind that comes from knowing your income is guaranteed, no matter what the market does or which partner outlives the other.

Aligning Retirement Goals

Every couple enters retirement with shared dreams—and often, individual aspirations. One partner may envision traveling the world, while the other prefers a quiet life close to family. Balancing these perspectives is key to creating a plan that works for both of you.

How to Align Your Goals

1. Start With the Big Picture: Discuss your ideal retirement lifestyle. Where do you want to live? What activities are most important to you? Having an open conversation about your visions can help identify common ground and areas of compromise.
2. Prioritize Together: Make a list of shared goals and rank them by importance. Whether it’s a vacation home, family-focused experiences, or philanthropy, aligning your priorities can help guide your financial decisions.
3. Create a Flexible Timeline: Consider major expenses, like home improvements or bucket-list trips, and plan when they’ll happen. Flexibility allows you to adapt to changing circumstances while staying on track with your goals.

For example, Mike and Lisa, a couple nearing retirement, discovered through these discussions that they both wanted to spend more time with their grandchildren but disagreed on buying a vacation property. By prioritizing family time over the home purchase, they found a solution that satisfied both partners.

Managing Different Risk Tolerances

It’s not uncommon for partners to have differing levels of comfort with financial risk. While one might prefer conservative, guaranteed income strategies, the other might seek higher returns through investments. Striking the right balance ensures both partners feel secure in their retirement plan.

Strategies to Balance Risk

• Diversify: Allocate assets to include both guaranteed income solutions, like annuities and growth-oriented investments. This approach creates stability while allowing for potential growth.
• Establish a Safety Net: Use low-risk, predictable income products to cover essential expenses. This provides peace of mind for the more risk-averse partner while freeing up other funds for growth opportunities.
• Review Regularly: Schedule annual financial check-ins to ensure your plan reflects your evolving comfort levels and goals.

An experienced retirement income specialist can help guide these conversations, offering insights and strategies to create a balanced plan that works for both of you.

Planning for Survivor Benefits and Long-Term Care

One of the most important aspects of retirement planning for couples is ensuring that both partners are protected, no matter what the future holds. Survivor benefits and long-term care planning are essential to safeguarding your financial security.

Steps to Secure Your Future

1. Maximize Survivor Benefits: Review your Social Security claiming strategy to optimize survivor benefits. Delaying benefits can increase the amount received by the surviving spouse.
2. Consider Joint Annuities: Products that offer joint payouts ensure income continues for the surviving partner, providing lasting security.
3. Plan for Long-Term Care: Costs associated with long-term care can quickly deplete savings. Explore insurance options or create a dedicated fund to cover potential care expenses.

Take Sarah and John, for example. When John was diagnosed with a degenerative condition, their retirement plan shifted to prioritize long-term care. By securing insurance early and adjusting their annuity to include spousal payouts, Sarah ensured their financial stability even as circumstances changed.

Having Productive Money Conversations

Money can be a sensitive topic for many couples, but open communication is crucial for a successful retirement plan. Discussing finances strengthens your relationship and ensures you’re on the same page when making major decisions.

Tips for Stress-Free Money Conversations:

• Schedule Regular Check-Ins: Set aside time each quarter to review your retirement plan, adjust goals, and address concerns.
• Focus on Shared Priorities: Keep the conversation focused on what matters most to both of you, rather than getting bogged down in minor details.
• Use a Financial Advisor: A third-party expert can provide clarity, answer questions, and mediate any disagreements.

These conversations aren’t always easy, but they’re worth the effort. Couples who communicate openly about finances report higher satisfaction and confidence in their retirement plans.

Money can be a sensitive topic for many couples, but open communication is crucial for a successful retirement plan. Discussing finances strengthens your relationship and ensures you’re on the same page when making major decisions.

The Unique Challenges and Opportunities of Planning As a Couple

Planning for retirement as a couple involves addressing challenges that don’t arise for individuals. Here are some key considerations:

1. Income Disparities:
   • If one partner earned significantly more during their career, retirement benefits may be uneven. This can impact decisions about Social Security, annuities, and savings withdrawals.
   • A joint financial plan ensures both partners benefit equitably, regardless of income history.
2. Age Differences:
   • If there’s a significant age gap, one partner may retire years earlier. Planning for this transition requires careful consideration of when to claim benefits and how to manage health insurance.
3. Healthcare Coordination:
   • Managing health insurance, Medicare enrollment, and long-term care needs as a couple ensures that both partners are adequately covered.

These unique factors make it even more important to have a tailored retirement strategy that reflects your shared and individual needs.

Building Your Plan Together

Retirement planning isn’t just about finances—it’s about creating the life you want to share. By aligning goals, balancing risk, and protecting each other’s future, couples can enter retirement with confidence and peace of mind.

Here’s a quick recap of key steps to get started:

• Have open, honest conversations about your retirement dreams and priorities.
• Work together to create a balanced financial plan that includes both guaranteed income and growth strategies.
• Plan for the unexpected, from survivor benefits to long-term care needs, to ensure both partners are protected.

When you approach retirement as a team, you strengthen not only your financial security but your partnership as well.

Taking the First Step

Retirement is a significant milestone, and planning for it as a couple can bring you closer together. With over 25 years of experience, I specialize in helping couples navigate the unique challenges of retirement planning, from aligning goals to creating balanced strategies that protect your future.

Schedule your complimentary 15-minute consultation today. Together, we’ll create a plan that reflects your shared vision and ensures a secure, fulfilling retirement for both of you.

To schedule a meeting, call (216) 272-2333, email [email protected], or make an appointment online.

Your journey to a stress-free retirement starts here.

About George

George McFadden is the principal at Retirement Protection Solutions, a financial advisory firm in the Greater Cleveland area focused on guiding clients in the “Retirement Red Zone”—those nearing or entering retirement who need protection, reasonable growth, and guaranteed retirement income. With over 25 years of experience working alongside top financial advisors across the U.S., George saw a significant gap in traditional retirement planning. His mission is to fill that gap by helping clients protect their hard-earned savings and create a reliable retirement paycheck that lasts for life.

Many advisors offer a broad array of investment services that expose clients to market risk, often leaving those approaching retirement vulnerable. George’s value proposition is different: he emphasizes protection, ensuring clients don’t lose their principal, and offers guaranteed retirement income solutions to provide lasting confidence and peace. In partnership with Retirement Realized, George brings clients strategies that focus on safety and security, designed specifically for those who want to retire stress-free without relying on risky market-driven approaches. George is passionate about educating retirees on their income options, answering their questions, and separating fact from fiction. He believes the best benefit he provides to clients is a guaranteed retirement income that lets them sleep soundly at night.

Outside of the office, George enjoys golfing, biking, hiking, fly fishing, and boating. He is also deeply committed to supporting research for a cure for Type 1 Juvenile Diabetes, inspired by his daughter’s battle with the disease. To learn more about George, connect with him on LinkedIn.