Transitioning into retirement can be difficult for many couples, especially if they haven’t prepped and planned. More than 80% of couples disagree on at least one significant aspect of retirement planning. That’s why couples must create a well-thought-out retirement lifestyle plan together.

Let’s look at creating a retirement lifestyle plan you and your spouse will love.

Defining Your Retirement Vision

Whether you’ve known your retirement vision for years or never thoroughly considered it, it’s essential to discuss what matters the most to you in retirement. What are your fundamental values? What are your top priorities?

Reflect on individual and shared aspirations to create a retirement vision that fulfills you both. Work toward aligning your goals on a higher level rather than picking and choosing specifics. 

Setting SMART goals when building your retirement lifestyle plan is also essential. SMART goals are:

  • Specific
  • Measurable
  • Achievable
  • Realistic
  • Timely 

Setting these specific goals can turn daydreaming into reality! 

Financial Foundations for a Fulfilling Retirement

Your financial status is one of the most critical areas in retirement planning. If you can’t afford to retire, then you won’t be able to accomplish your goals.

The age you’d like to retire, and your anticipated life expectancies will be key factors in how you and your spouse prepare your finances. Work closely with a financial advisor to estimate future expenses and income sources. Your advisor will also be able to help create a budget that supports your retirement vision and goals.

Communicating and Coordinating

Communication is critical in all areas of a relationship, and the same goes for your retirement vision.

During these conversations, remaining open and honest with your spouse is crucial. The last thing you want to do is agree to a retirement lifestyle that makes you unhappy.

As you discuss your goals and dreams, consider the ‘why. For example, if you want to downsize and live closer to family, why? Do you want to watch your grandkids grow up? By downsizing, you’ll have fewer expenses, so maybe you want to go on more vacations with your entire family! Whatever the reason is, be sure to express that to your partner so they understand what matters most to you in retirement.

Health and Wellness in Retirement

Your physical and mental well-being is vital in retirement. For a single person over 65 in 2023, Fidelity expects you’ll need over $157,000 to cover health expenses. That number can be intimidating, but there are ways to prevent specific health problems:

  • Incorporate regular exercise
  • Eat a balanced diet with fruits, vegetables, and protein
  • Stimulate your mind by reading, playing an instrument, or enjoying a crossword puzzle
  • Focus on your sleep and aim for at least 7 hours a night
  • Be proactive with safety measures around the hours, like handrails and non-slip mats

You can’t prevent every health crisis, but you can take proactive measures to ensure your mind and body stay healthy and active. You may also consider exploring alternative healthcare options and long-term care considerations. Long-term care is expensive, so preparing for that possibility sooner rather than later is essential.

Creating a Meaningful Daily Routine

An ideal routine in retirement embraces structure without sacrificing flexibility—you’re retired, for goodness sake, and live your life how you want!

Retirement is a great time to pursue hobbies, volunteer opportunities, or part-time work that you couldn’t devote time to before. Join a book club, volunteer at an animal shelter, or spend time curating a community garden. The options are endless!

Try to find the right balance between leisure, hobbies, and social activities, as well as shared interests and individual pursuits.

Exploring New Horizons

Trying new activities and exploring other cultures can be a great way to keep your mental game sharp. The most common is traveling, whether a European excursion or an adventure to Australia. Adventure-seeking can be a lavish retirement lifestyle for some!

But traveling isn’t the only way to explore new horizons. In retirement, you have the time to engage in new learning opportunities and work on your personal growth. You could develop a new hobby or skill or attend a lecture on an interesting topic.

Whatever way you and your spouse want to retire, be sure you’re cultivating a sense of curiosity and exploration to promote mental stimulation and social interaction.

Home and Lifestyle Considerations

Another significant conversation when evaluating your retirement lifestyle is deciding where you’ll live. You and your spouse need to determine what living situation makes the most sense during retirement based on your physical health, financial situation, and other retirement goals.

Evaluate your current living situation and decide if there’s anything you’d like to change. You may consider downsizing, relocating, or renovating your current home so you can age in place. Focus on creating a comfortable and inspiring living space you enjoy spending time in.

Your Dream Retirement Starts Here

Your golden years are unique, and by creating a personalized retirement lifestyle plan, you and your spouse can look forward to a fulfilling and joyful retirement together!

Remember that change is inevitable, so stay open to adjusting your plan as needed. As major life events occur, your financial advisor, estate planners, and counselors can help refine and optimize your plan.

Our team can help you identify your dreams, build a retirement lifestyle plan that works for you, and create measurable goals to keep you accountable. Get in touch with our team today and take the next step toward a blissful retirement!

Fianncial Life Planning, financial planning, Retirement Lifestyle Plan, Retirement Lifestyle Planning, Retirement Planning, Retirement Planning for Couples
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