3 Questions Every Couple Should Ask Before Retiring Together

Retiring together has been a dream for most couples. However, that dream retirement also brings new financial and lifestyle decisions that can make or break their long-term success.

Before you and your spouse turn in your notice, it’s important to ask a few key questions to make sure your retirement plan supports both of you for decades to come.

1. How Will Your Income Change When Work Stops?

Once the paychecks stop, you’ll need a clear plan for where your retirement income will come from. This may include:

• Social Security benefits

• Pension income

• Withdrawals from retirement accounts (IRAs, 401(k)s, etc.)

• Investment income from taxable accounts

A strong income plan goes beyond just the numbers. It’s about timing and structure:

• When to claim Social Security,

• Which accounts to draw from first

• How to keep withdrawals sustainable for both of your lifetimes.

Having a plan to replicate your working income so you can maintain your lifestyle without worrying about running out of money is your first key to a successful retirement together.

2. How Will Taxes Impact Your Retirement: Together and Apart?

Most couples focus on taxes during their working years but overlook how taxes can change drastically after retirement.

While you’re both alive, it is very common that you will benefit from your tax status as married filing jointly. This tax status provides:

• Wider tax brackets

• Higher standard deductions

• Potential lower overall tax liability

Unfortunately, when one spouse passes away, the surviving spouse often loses those benefits. Even with less income, the surviving spouse may end up in a higher tax bracket, a situation known as the “widow’s penalty.”

Without planning, Required Minimum Distributions (RMDs), Social Security, and investment income can quickly push the survivor into higher brackets, leading to:

• Larger tax bills from being in a high tax bracket

• Medicare IRMAA surcharges

• Faster portfolio drawdowns

To help minimize this risk, couples should think about using proactive strategies such as:

• Roth conversions to reduce future taxable income

• Asset location to place your investments in the right accounts

• Survivor scenario planning to prepare for single-filing tax situations before they happen

3. Do You Both Want the Same Retirement?

Money is just one part of the equation. A successful retirement plan also means aligning your lifestyle, goals, and priorities as a couple.

One spouse may dream of travel and adventure, while the other values staying close to family and enjoying a simpler life. The best plans bring both visions together, balancing personal goals with shared values.

That starts with open, honest conversations about what retirement really looks like for each of you:

• How you’ll spend your time

• What gives you purpose

• How your financial plan can support both visions

At the end of the day, building wealth is only half the goal. Without a clear purpose for how you’ll use it, even the best savings strategy can feel empty.

Final Thoughts

Retiring together is one of life’s biggest transitions, emotionally and financially. The couples who navigate it best take time to plan not just for their money, but for their goals, their taxes, and each other.

If you and your spouse plan to retire in the next 5–10 years, now’s the time to make sure your plan supports both your lifestyles and your lifetime tax picture, so you can enjoy the retirement you’ve worked hard for, together.

- Steve Balch, CFP®

As a Financial Advisor, I help couples build tax-efficient retirement plans that create predictable income, protect wealth, and support the lifestyle they’ve worked so hard for.

When You’re Ready to Take the Next Step, Here’s How I Can Help You:

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Frequently Asked Questions About Retiring as a Couple

When is the best time for a couple to retire together? The best time depends on your income needs, health coverage options, and lifestyle goals. Many couples coordinate their retirements so that both spouses are eligible for Medicare at age 65 or after key savings milestones.

How can couples lower their taxes in retirement? Tax-efficient retirement planning can include Roth conversions, strategic withdrawal strategies, and placing the right investments in the right accounts. Coordinating income between both spouses can also help keep your tax bracket lower.

What happens to taxes after one spouse passes away? After the first spouse passes, the surviving spouse files as a single filer, which often results in higher tax rates on a lower income. This is why proactive tax planning, such as partial Roth conversions and RMD management, is so important.

Should both spouses take Social Security at the same time? Not necessarily. Sometimes it’s better for one spouse to delay benefits to maximize the higher survivor benefit, while the other starts earlier to create income. Timing can make a big difference in lifetime benefits.

How can a financial advisor help couples plan for retirement? A qualified advisor can help you coordinate income, investments, and tax strategies, while ensuring both spouses’ goals are reflected in the plan. At Certa Financial Planning, we help couples simplify their plan so they can retire with confidence.