Retirement planning for two? That takes double the work, but it’s not as bad as you think when you have expert foresight. This guide goes over the key components of couples’ retirement planning and how we offer our expertise to flesh out each spouse’s retirement goals and financial plans in a collaborative effort.
Get started with a complimentary consultation appointment after reaching out to Maggi Tax & Wealth Advisors in Tampa!
Making Smart Retirement Goals
- Communicate
Each person has a unique way of thinking, and we can’t read each other’s minds. This is why communication comes first when it comes to retirement planning for couples. Sit down and lay out every idea and expectation, from nice places to settle down in Tampa to lifestyle activities to enjoy throughout Florida. - Coordinate
After merging ideas and finding a compromise in the middle, it comes time to start planning on paper. The best way to manage finances for couples in Tampa is to combine assets for simplified portfolio management. - Budget
One of the hardest topics for couples (and arguably the most important) is budgeting for retirement. There are a lot of expenses to consider and save for, and couples should have a clear plan for spending so as to avoid money-related arguments when they should be relaxing.
Expert Tips For Retirement Goals:
- Stagger retirement with one spouse taking RMDs, with the other waiting past 70 years of age.
- Shift focus to healthcare like Medicare, life insurance, and Health Savings Accounts (HSAs).
- Start planning as soon as possible.
How Financial Planning Gets You There
Private wealth management for couples in Tampa is critical for future retirement expenses. It’s better to begin now, and with the expertise of a professional wealth advisor in Florida.
Read more > Wealth Management vs Private Banking: What’s The Difference?
Key Financial Components
Financial planning in Tampa for couples encompasses debt, income, and spending habits. It’s important to discuss priorities, like finding a balance between paying off debts and building retirement income, or a change in spending habits.
Finding Structure
Couples in Tampa need to decide whether to combine finances or keep them separate. Some couples will agree on a hybrid strategy when planning for retirement together. An investment planner can help you decide whether or not merging accounts is a good idea for you.
Identifying Long-Term Goals
It’s a good idea to agree on a long-term goal that couples can work towards together. Some common long-term goals for couples planning for retirement in Tampa include housing and travel plans.
Calculating a Retirement Budget
Couples in Tampa often struggle with finding a retirement budget that appeases both sides. One strategy that works for many couples is the 50/30/20 Rule, which accounts for 50% “needs”, 30% “wants”, and 20% of stored savings.
Maggi Tax & Wealth Advisors Help Couples In Tampa Plan For Retirement. Schedule Your Couples Financial Planning Consultation Today!
When you need a team of money managers with years of expertise in couples’ retirement planning in Tampa, people in Florida trust Maggi Tax & Wealth Advisors. Contact us today at (727) 799-1701 to schedule a consultation and meet our team!
Scheduling