A link has been sent to your friend’s email address. A link has been posted to your Facebook feed. For Mike Hale, 68, of Fort Worth, the financial future that lies ahead for not only him but his wife, Lori, 51, and their 12-year old daughter, Hannah-Belle, is top of mind. Planning for retirement is never how To Invest For Retirement At Age 60. But when one spouse is years older than the other, there is often even more to consider.
Life events may occur at different times, such as the need to help out aging parents. If it’s a second or third marriage, there could be children from previous relationships and potential tensions over what’s inherited. And there’s a strong chance one spouse will need income years, or even decades, after their partner has passed away. Instead of a typical retirement income stream of 30 years, it’s going to be more like 40, maybe 50 years,” says Patrick Wallace, a certified financial planner based in Hurst, Texas, who added that the choice is typically to either work longer and postpone retirement or to invest more aggressively. That’s the challenge, trying to stretch it that additional life span.
One critical decision is when the older spouse should begin to draw Social Security. Andy Tate, a certified financial planner based in Minneapolis, says that ideally the older spouse should work to the maximum age to make sure the younger spouse can collect the greatest amount when they reach the appropriate age. When the higher income earning spouse passes away, you want to make sure the death benefit for the surviving spouse is as high as possible,” Tate says. If they decide to take it early, at 66 or 62, that impacts the surviving spouse forever. With older people often told to invest a bit less aggressively as they approach the end of their work life, couples may be confused about whether to base their investment strategy on the age of the younger or older spouse. Charles Sachs, principal with Private Wealth Counsel in Miami.
You can accomplish what both people need,” Sachs says. So the older spouse has a little more of the safer assets for their life span, but at the same time doesn’t stunt the growth of the portfolio for the younger spouse. It’s important to keep long-term equity assets working and growing. For Mike Hale, 68, of Fort Worth, the financial future that lies ahead for not only him but his wife, Lori, 51, and their 12-year old daughter is top of mind. I want to be able to provide for them and enjoy retirement for myself,” says Hale, who owns Oak Floor Supply, a wholesale distribution company. Hale has investments in oil and gas, annuities and ultimately his company.
Basically, my retirement is the sale of this business,” he says. Lori Hale, a seminary student and stay-at-home mom to the couple’s daughter, Hannah-Belle, says that her husband had to prioritize a little differently because they are at different stages in life. Probably for him it’s more involved, because he did have to decide when he would sell the company now that he has a younger wife and a daughter,” she says. With me being younger, and Hannah-Belle, after he’s gone there’d have to be certain funds. He had a number in his head for what it would take to live every month, and he would gear his investing around creating that number for us to live comfortably.
He just stuck with it until he made it happen. For couples like the Hales, both of whom have been married before, a trust might be a good idea to make sure that there is no conflict between children from a previous relationship and a new spouse, some financial experts say. A property, for instance, could be left in a life estate for the surviving spouse. That means he or she could live in the home as long they’re alive, but once they pass, it goes to a remainder beneficiary or beneficiaries, such as children from a previous marriage, says Sachs. One needs to design trusts to accomplish the things they want to do,” he says. And planning goes beyond the couple and their children. There might also need to be a care plan for each person’s parents, since like the spouses, one set may be years older and in need of help, long before the other.
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Lori Hale, 51, and her 12-year old daughter, Hannah-Belle. I start by just making sure conversations are documented and clients are reminded of it. In some cases, long-term care insurance can be purchased. In some cases money can be put in an account that’s for family care. It’s specific to the couple, but it’s definitely a topic that needs to be addressed.
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