6 Important Money Decisions Retired Couples Need to Make

By Manish Choudhary

Dec 04, 2023

Determine the best time to apply for Social Security benefits, considering factors like age and impact on surviving spouse benefits.

1. Applying for Social Security

Decide on the need for or desirability of part-time work in retirement and understand its impact on Social Security benefits. 

2. Working After Retirement

Develop a detailed budget, adjust investments, and establish an emergency fund to align with retirement goals and manage finances effectively.

3. Putting a Comprehensive Plan in Place

Create or update wills, trusts, and beneficiary designations, and establish power of attorney and healthcare directives for comprehensive estate planning.

4. Completing Your Estate Plan

Choose suitable health insurance options, explore long-term care insurance, and discuss healthcare preferences and potential future care needs.

5. Planning for Health Care and Long-Term Care

Choose a home based on cost, location, and accessibility. Think about downsizing or relocating for a better retirement living situation.

6. Deciding Where to Live

Making decisions together forms a solid retirement plan. Regularly review and adjust it to adapt to changes, ensuring financial security. Get advice from financial, estate planning, and healthcare experts for valuable guidance.