3 Reasons Couples Should Try To Retire at Different Times

Core Insights - Only 11% of couples retire at the same time, with many choosing to stagger their retirements by at least a year despite concerns about overspending [1][3] Group 1: Retirement Timing - 26% of future retirees planned to retire together, but only 11% of current retirees did so, indicating a significant gap between expectation and reality [3] - Couples who retire simultaneously may need to rely on Social Security benefits, which can be reduced if taken early at age 62 [4] Group 2: Financial Confidence and Concerns - Only 31% of surveyed individuals felt confident that their savings would last throughout their lifetime, while 36% expressed anxiety about spending their retirement savings [4] - The first year of retirement is particularly challenging financially due to adjustment periods and uncertainty regarding expenditures [2] Group 3: Social Security Benefits - Delaying Social Security benefits until age 70 can maximize monthly payouts, making staggered retirements beneficial for couples [5] - Staggering retirement allows one spouse to potentially wait longer to withdraw Social Security, ensuring larger monthly benefits [5] Group 4: Savings Opportunities - Continuing to save until retirement is fully funded is advisable, as many retirees are unprepared for the transition from saving to spending [6] - The trend of longer life expectancies necessitates careful financial planning, with the SSA noting that about 1 in 3 65-year-olds will live to at least age 90 [7]