Navigating Retirement as a Couple
Retirement planning is easier when you coordinate as a team. The biggest wins typically come from syncing how you claim Social Security, enroll in Medicare, draw on savings, and protect the survivor. Here’s a practical checklist for couples mapping the next stage together.
1. Coordinate Social Security, not just the start date, but the roles.
For many households, one spouse has the higher benefit. Delaying that higher earner’s claim beyond full retirement age increases the check permanently via delayed retirement credits, a reliable way to boost lifetime, inflation-adjusted income. Credits stop accruing at 70.
2. Understand spousal vs. survivor benefits.
A current spouse may receive up to 50% of the worker’s full-retirement-age benefit as a spousal benefit, but that spousal amount does not rise with the worker’s delayed credits. By contrast, the surviving spouse’s benefit can include the deceased worker’s delayed credits, one reason many couples delay the higher earner’s claim to help protect the survivor.
3. Plan explicitly for the “widow(er)’s penalty.”
After one spouse dies, the survivor keeps the larger Social Security check, but the household drops to a single tax filing status, which can push the survivor into higher brackets on the same income level. Coordinating claims so the larger benefit is maximized helps offset that change, as does keeping an appropriate mix of Roth assets for flexibility.
4. Medicare timing: tie it to both of your work situations.
Your Initial Enrollment Period runs from three months before through three months after the month you turn 65. If one of you is still actively working and covered by qualifying employer group health insurance, you may be able to delay Part B without penalty—confirm rules with your benefits office. For 2025, the standard Part B premium is $185/month; build that into your joint budget and compare options for the spouse who retires earlier.
5. Decide the income “floor,” then layer investments.
Map essential expenses (housing, food, insurance, taxes) and cover them with guaranteed sources first: Social Security, any pension or annuity, and possibly a bond ladder. Then use IRAs/401(k)s, Roth accounts, and brokerage assets to fund “wants.” A shared withdrawal policy reduces stress when markets are volatile.
6. RMD and tax choreography.
Most traditional IRAs and employer plans require Required Minimum Distributions (RMDs) beginning the year you turn 73. Couples can smooth future taxes by doing partial Roth conversions in years when one or both are in lower brackets.
7. Protect the survivor before day one.
Review each account’s beneficiary designations, confirm that both partners can access passwords and documents, and keep an updated list of income sources, policies, and advisors. Verify the survivor’s eligibility for Social Security survivor benefits and understand how to claim them.
Conclusion
Couples maximize retirement security by coordinating decisions. Delay the higher earner’s Social Security when feasible, align Medicare start dates with employment, stage withdrawals to manage taxes, and pre-plan for the survivor. Done together, these moves can raise lifetime income, lower risk, and make day-to-day retirement feel calmer and more flexible.
