Key decisions for retired couples
Edward Jones - Chad Choate, AAMS
For more information about the author, click to view their website: Edward Jones
Mar 04, 2025
Florida - Sarasota, Bradenton & Charlotte Counties
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Once you and your spouse retire, you’ll
have some decisions to make — decisions that could affect your quality of life
in your retirement years. What are these choices?
Here a few of the most important ones:
• How much should you withdraw from
your retirement accounts? By the time you retire, you may have contributed
for decades to an IRA and a 401(k) or similar employer-sponsored retirement
plan. But once you retire, you’ll probably need to draw on these accounts to
help pay your living expenses. Consequently, both of you will need to be sure
that you don’t withdraw so much each year that you risk running out of money
later in your retirement. One common guideline is to aim for an annual
withdrawal rate of 4%, but everyone’s situation is different based on age, pre-retirement
income, lifestyle, health, travel plans and other factors. (Once you turn 73,
or 75 if you were born in 1960 or later, you will have to take certain amounts,
based on your age and account balance, from your traditional IRA and
traditional 401(k) each year.)
• When should you take Social
Security? The answer to this question depends on many factors, such as
your age and other sources of income. You can take Social Security as early as age
62, but your monthly payments will typically be bigger if you wait until your
full retirement age, which will be age 67 if you were born in 1960 or later.
And if you can afford to wait even longer, your payments will “max out” when
you reach age 70. Your decision on when to take Social Security can affect your
spouse — and vice versa. If the lower-earning spouse claims Social Security
before their full retirement age — again, age 67 — their own retirement benefit
and any potential spousal benefit will be reduced. (Spousal benefits are given
to the lower-earning spouse if their full retirement benefit is less than half
the other spouse’s full retirement benefit.)
• Should you downsize? If
you live in a big home and your children are grown, you may find it economical
to downsize. Of course, this is also an emotional decision, but you may find
that you can save money by moving into a smaller home.
• Where should you live?
Some states are far more expensive to live in than others. You’ll want to weigh
your decision carefully, considering the cost of housing, food, income and real
estate taxes, transportation and health care in whatever state you choose.
• Have you finished your estate
plans? If not, now is the time. You’ll want to work with your legal
professional to create whatever documents are needed — a will, living trust,
power of attorney — to help ensure your assets go where you want them to go,
and that your financial and health care choices will be protected if you become
physically or mentally incapacitated.
Of course, many of these same issues will apply if you are single, divorced or widowed. But if you are married, you and your spouse will want to discuss all your choices and then decide which steps to take. Once you’ve got your plans in place, you may well find that you can fully enjoy your retirement years.
Chad Choate III, AAMS
828 3rd Avenue West
Bradenton, FL 34205
941-462-2445
[email protected]
This article was written by Edward
Jones for use by your local Edward Jones Financial Advisor.
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