With Your Spouse It Takes 2
Planning for Retirement
Your spouse is your partner for life! They’re your forever wedding date, best friend, and the best critic you’ll ever find. When it comes to retirement and planning for your golden years, it’s all about teamwork and working together. As you approach retirement, discussing your finances and estate planning is crucial, even if you are not retiring at the same time. No matter what your situation is or how you and your partner manage and share your finances, here are some things to consider to best plan for your financial future in retirement. Talk about estate planning. Having conversations about estate planning is not easy and certainly not fun. After all, who wants to talk about what happens after you’re gone? Even if you and your spouse already have a plan in place, it may need to be updated. To protect your family members from the headache of sorting through your assets and finances, you need an up-to-date estate plan! Consider a spousal IRA. It may be wise to consider an IRA contribution for your partner. While you cannot directly contribute to their IRA, you can always cut them a check. This year, you are able to contribute up to $6,500 to your IRA or $7,000 if you’re age 50 and older.
Look into a 529 plan. 529 savings plans are fantastic options to put in place for your children and grandchildren because any withdrawals are federal income tax-free if the cash is used for qualified college or graduate school expenses of the beneficiary you’ve named. It should be noted that non-qualified expenses could be subject to ordinary income tax and a 10% federal penalty. To ensure that you are on the best path to retirement, financially speaking, schedule a financial review with us for you and your spouse! We look forward to chatting with you soon!
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3. Physical goals — These can be health and exercise goals or aspirations to run a half-marathon or a 10K race.
or calling a relative. It’s not only good for your mental well- being, but it benefits your overall health as well!
4. Spiritual goals — Maybe you want to attend a weekly service, read the Bible, or meditate consistently.
On a final note, January is National Thank You Month, and I find that it’s really important to periodically look back at all of the people who have impacted our lives, whether they be our parents, spouses, children, or mentors. I have one such individual who I just found out in the last few weeks has passed away. Lowell was not only a personal friend of mine, but he was a business coach, too. He was one of those guys that everyone loved being around — his positivity was contagious. He had a great attitude and sense of humor and was a genuinely friendly person. He attracted a crowd wherever he went. When I learned of his passing, I was so upset that I hadn’t spoken to him in about six months — it’s a major regret of mine. So, over the holidays, make it a point to say thank you to those who have helped you in some way, shape, or form. With that in mind, thank you, Lowell, I appreciate you!
5. Personal achievement goals — Possibly you aspire to start and complete a home project or want to find a way to give back or volunteer. As a continuation, I have a sixth category to add. A month back, I attended a Schwab Impact meeting in Denver, Colorado, where they discussed the importance of social relationships and how they help you to stay mentally and physically healthy. It was stated that 51% of Americans reported feeling lonely and 31% of individuals over the age of 65 have not formed a new friendship in the last five years. These numbers were astonishing to me and really stressed the importance of interacting with others and building relationships.
So, as a sixth category, put a plan in place to be more social — whether it’s by attending an art class, having coffee with friends,
2 • CampbellWealth.com
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