It may seem natural and expected for a couple to have the same retirement date, starting this new chapter of their life together. But it’s quite common for spouses to retire at different times.

Reasons for retiring apart

An age gap of several years or more is behind a great many couples’ decision for one spouse to retire before the other. But a variety of situations can lead to retiring at different times. One spouse may retire earlier than planned due to ill health. Or a spouse may leave their job to look after an elderly parent who needs care. Perhaps one spouse receives an early retirement offer from their employer. Or one spouse might work past the traditional retirement age because they find their work fulfilling, while the other spouse looks forward to retirement.

The financial factor

The decision of whether or not to retire at the same time often involves a financial factor. Take the situation of a couple with an age gap. Say one spouse is 65 and the other is 60. They’re thinking about both retiring now, so they’ll have more of their younger years to enjoy retirement together. However, if the older spouse retires now, and the younger spouse works for a few more years, the additional savings may give the couple a more comfortable retirement lifestyle. Also, while the younger spouse receives income, the retired spouse can possibly delay withdrawals from retirement savings.

How does this couple decide? It can be a lot easier when you involve us with the financial side of the decision. We can show you what your estimated level of retirement income and overall financial picture could be with a staggered retirement and a synchronized retirement. Then you can consider both the personal and financial factors to make an informed decision.