Ep 51: How to Handle Unique Challenges in Retirement
PlanningOn This Episode
Creating a customized retirement plan for any individual can mean addressing some unique challenges. We’ll share some scenarios, discuss the challenges presented and share what solutions we recommend.
Takeaways
On today’s Saving With Silverman podcast, Mark Silverman CFP® shares some unique challenges people face in retirement and how to solve them.
Age gap: one spouse is significantly older than the other
This does happen, but we need to plan until the last person is alive. Even if they’re the same age, women tend to live four to eight years longer than men. So we still have to plan for that.
Another challenge is Social Security. When one spouse dies, the other keeps the higher benefit, but they lose their benefits. So then there’s an income drop that we need to account for.
Early retirement: a client wants to retire before age 60
We deal with this sometimes. One of the biggest challenges is the health care issue. If one spouse is still working, we don’t have to worry about the health care issue.
Health care is the biggest challenge, even if they have done everything right and saved for retirement and paid off all their debt.
As long as you go into it knowing that you’re going to pay more and get less, you’re not going to be disappointed.
We have software we can use to help you figure out health care. The problem is that changes every year. At age 65, you become eligible for Medicare.
Listen to the full episode or use the timestamps to jump to a specific section. Thanks for listening! We’ll be back for another show every other Thursday.
If you don’t have an income plan, you don’t have any plan.
- Mark Silverman, CFP®
The Layout
Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment.
1:53 – Age gap
2:48 – Early retirement
4:06 – Lack of liquidity
5:28 – Separate finances
6:23 – Divorce
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