Retirement Planning for Couples with an Age-Gap - GoBankingRates
Retirement planning is different when there is a gap in age between partners, and that largely has to do with the life expectancy of each partner. Chances are, if the age gap is significant, the older partner will die first, which means planning to ensure financial stability for the surviving spouse is important. Social Security is, of course, a crucial element in such planning, but there are others as well, as outlined in this GoBankingRates article by David Nadelle. In the article, Mr. Nadelle discusses pension planning, investment withdrawal, retirement healthcare, and Social Security and explains how those pieces fit together to form a sound retirement plan for couples with an age gap. One piece not emphasized, however, is that the older partner should consider maximizing their Social Security benefit by delaying their SS claim, which will usually provide a higher Social Security benefit to the surviving spouse. The article, however, is an excellent planning overview for couples with a significant gap in age. Click here to read more.