My View:
Like most couples, my partner and I are of different ages. I am 3 years older than him. I am also in that spot where I can file for social security
“retire” before I reach 67 by several months. My partner has to wait until age 67 for a full retirement date. We are in good health and plan to wait till 70 for myself. Or we may want to look at selling our current business in the next few years. My partner wants to work as many years as possible, past 70, since he enjoys his work in our industry. Couples’ retirement at different times is no easy match when it comes to picking the best timing.
We are lucky to own everything outright and are not in debt, so we have the luxury of waiting until age 70 if needed. This brings me to how we live when one partner chooses to work longer while another feels it is time to tap the brakes on working. Owning the business will allow us to work out most of these retirement timing details. The process has started with training staff on daily business needs. Further, we have begun to give more of our daily responsibilities to key staff.
A key indicator that we are ready to retire will be that the business is 100% self-sufficient without us in the building. Building more standard operating procedures will be vital in reaching this goal when we can hop on a plane and go away for two weeks without a phone call for help. That is the long-term goal.
As you can read in this Advise column, this couple has been challenged with free time management. The wife retired early, and the husband wanted to continue working. All the time, they had issues with weekend activities for the wife to do, while the husband wanted to just relax on weekends.
Outline:
I. Financial Stability and Healthcare
II. Social Security Maximization and Career Satisfaction
III. Age Differences and Personal Interests
IV. Managing Debt and Family Support
V. Social Connections and Retirement Goals
Takeaways:
a. One partner may keep working for financial security and healthcare benefits.
b. Delaying Social Security and career satisfaction are common reasons for staggered retirements.
c. Age differences and personal interests can lead to different retirement timelines.
d. Managing debt or supporting family might require one partner to work longer.
e. Social connections and varied retirement goals necessitate open communication.
Section 1: Financial Stability and Healthcare
I’m 65 and loving life, but let’s get real—retirement isn’t a one-size-fits-all deal, especially when you’ve got a partner in the mix.
Sometimes, one of you is itching to retire, while the other isn’t quite ready to hang up the work boots. Financial stability is a biggie here. Maybe you’re not 100% sure those savings will go the distance, or perhaps one of you just enjoys the extra cushion from that paycheck.
Then there’s healthcare. If your partner’s job covers health insurance, it’s often smarter to keep that going until you’re both covered by Medicare. This isn’t just about paying the bills; it’s about peace of mind.
So, if you’re frustrated that your partner’s still hitting the grindstone while you’re ready to hit the golf course, take a deep breath. There’s a method to this madness, and it’s all about making sure you both enjoy a stress-free retirement.
Section 2: Social Security Maximization and Career Satisfaction
Okay, so you’ve crunched the numbers and realize that delaying Social Security could mean a bigger check down the road.
This is a common reason why one of you might keep working—holding off on those benefits can seriously pay off. Plus, if your partner is one of those rare folks who actually enjoys their job, they might not be ready to trade the office for the hammock just yet.
This isn’t just about money; it’s about satisfaction. If working brings joy or a sense of purpose to your partner, why rush them out the door? After all, retirement should be a time of happiness for both of you, not just one.
Section 3: Age Differences and Personal Interests
Age is just a number. Well, that number can make a big difference when it comes to retirement.
If one of you is a few years younger, they might not be ready to clock out just yet. And that’s okay! Maybe they want to save a bit more or feel they’ve got some miles left in their career.
On the flip side, if one of you is more focused on hobbies or personal interests, early retirement might be calling your name. Balancing these different timelines can be tricky, but with good communication, you can get what you want out of this next chapter.
Section 4: Managing Debt and Family Support
Debt doesn’t disappear just because you’ve reached 65. For some, the reality is that one partner keeps working to tackle those last lingering debts—whether it’s the mortgage, credit cards, or even helping out adult kids.
Let’s be honest, no one wants to drag debt into retirement. If one of you needs to work a bit longer to wipe the slate clean, it’s a sacrifice worth making. And if you’re helping out the kids or grandkids, that extra income can be a real lifeline.
But don’t forget, this isn’t forever. The goal is to enter retirement with as few financial worries as possible, so sometimes it’s worth delaying that dream just a little longer.
Section 5: Social Connections and Retirement Goals
Retirement isn’t just about the money—it’s also about staying connected and fulfilled.
If your partner’s work provides a strong social network, they might not be ready to leave that behind. Or perhaps their retirement goals are just different from yours. Maybe one of you wants to travel, while the other would rather stick close to home and enjoy local activities.
The key here is communication. Ensure you’re both on the same page about what you want from retirement. It’s not about one person’s plan; it’s about finding a path that works for both of you.
Conclusion
Retirement is a big step, and it’s okay if you and your partner aren’t in perfect sync. The important thing is to recognize why this might happen and make a plan that suits both of you.
Whether it’s for financial reasons, healthcare, or simply personal satisfaction, there are valid reasons for one partner to retire before the other. But with the right mindset and patience, you can enjoy a fulfilling and happy retirement—together or apart. Not every couple is the same. However, it is key to plan both paths for each to retire. We all want to thrive in retirement.
#44