S/O Retirement- planning when there's an age difference?

[crashgizmo]

DH and I are 9.5 years apart. We got a late start saving for retirement (both had expensive first marriages) so I'm wanting to balance saving enough with still having a good time now. We're not exactly of the Dave Ramsey "save it all" now, but we are aware of the fact that retirement is looming. 

There is obviously a big discrepancy between our retirement ages due to our age difference. Right now, we are on track for DH to retire on time (65) and me to retire at the same time (56). But what if I don't want to retire then? What if DH wants to retire earlier? What about part time work? 

So, for those of you that have an age difference, what are your retirement plans? 

[cjeanette]

So you have planned that you are saving enough to retire at a set age and you are asking what happens if one of you continues to work for longer than that?

That is not a problem. You are planning for the earliest retirement date. If that pushes back you are just that much more comfortable when you both finally do retire.

Most of my clients in your age gap seem to retire at separate times so we factor that into their projections.

[crashgizmo]

Thanks! I was more wondering what other people are doing....just curious.

Strangely we've never thought about retiring separately. I think the non-retiree would be too jealous.

[tine]

H an I only have a 2.5 year age difference. We're planning on retiring when I am 65 and H is 67.5 at the latest. In all scenarios though we are retiring at the same time. I can't imagine working while he's retired unless I was REALLY loving my job.

[cjeanette]

Oct 28, 2014 10:33:35 GMT -5 crashgizmo said:

Thanks! I was more wondering what other people are doing....just curious.

Strangely we've never thought about retiring separately. I think the non-retiree would be too jealous.

 I also see a lot who retire together and one goes back to work at least part time.  Or joins a country club to golf more.  lol. Being home together full time drives some people nuts.

[aurora]

Oct 28, 2014 10:33:35 GMT -5 crashgizmo said:

Thanks! I was more wondering what other people are doing....just curious.

Strangely we've never thought about retiring separately. I think the non-retiree would be too jealous.

What's your plan for health insurance when you retire?

H and I are only 2 years apart so I don't have much relevant to add to your OP.

[magdala]

A lot of people are scaling back rather than truly retiring. Both of my parents have taken retirement jobs rather than truly retire. Mom is babysitting my brother's son around his classes (half day classes for a three year old) while my dad works part time for a local soccer organization handling logistics (scheduling games, ensuring that there are enough referees, tracking standing). When we reach that point, DH & I will probably scale back rather than truly retire. They vacation when they want and enjoy hobbies and past times too. I think they would be another couple who would go crazy spending all their time together.

[crashgizmo]

Oct 28, 2014 10:44:02 GMT -5 aurora said:

Oct 28, 2014 10:33:35 GMT -5 crashgizmo said:

Thanks! I was more wondering what other people are doing....just curious.

Strangely we've never thought about retiring separately. I think the non-retiree would be too jealous.

What's your plan for health insurance when you retire?

H and I are only 2 years apart so I don't have much relevant to add to your OP.

We have an HSA investment account- we can use it for any health related expenses. So probably a combination of that and some sort of (expensive) individual health care plan. But this is another consideration. 

[ssmjlm]

DH and I are 9 years apart. He plans to work until 65 and unless I want to take a penalty, I have to work until 57 under FERS for feds. (But my service date is a day after my birthday, so in reality, we won't be a true year apart in retiring.)

[Mimi]

We have a 14.5yrs age gap. I want to retire at 57 when I get full-retirement benefits (pension, health insurance, etc). I asked H when he would like to retire, he said he doesn't know. I will probably have to convince him at some point, maybe when he reaches 65. I will probably have to push him to retire. But I won't be surprised if he decides not to at all.

[sweetnsour]

Many people I know have a spouse that retires first and sets the retirement mood and then the other follows in a year or two. My DH and I are 5 years apart and he can't retire until I can. lol

[audette]

We have a 5 year gap. No clue how things will work out - right now, DH is talking about going back to school in his mid to late 40's for a STEM degree. *blink* This boggles me. And, the impact of that on his career progression could really make things wacky.

At the very least, he is going to have a major job change in 2-10 years. How long he continues to work in whatever he ends up doing post-military is going to depend a lot on when he leaves the military, and what that post-military job is. And also if he stays in long enough to get a military pension. I'm still hoping he can, but he is not confident on the next round of RIF's...

[imojoebunny]

The biggest problem with early retirement is health insurance. My parents retired at 46. They had plenty of money, but by their early 60's they were paying $30k a year, plus a $12k deductable for health insurance (used the deductible most years), more than all other expenses for their main house, vacation house, and hobbie farm combined.

No one is crying tears for my parents, they could afford it, but my point is, it isn't easy.

My DH is 7 years older than me. The savings part is not a huge issue for us. We both bring about the same assets to the table for long range planning, but the healthy insurance, though better with Obama care, is still an important component to consider.

Then there is also long term care insurance, which might aid you in your planning. My aunt, the third generation woman in my family to have Alzihmers, has long term care insurance, which is great because she is super healthy, still works out each day, despite not remembering how to dress herself for a couple of years. My great grandmother and grandmother also had it. I have a do not recesitate order that if I get so much as an infected paper cut , they have to let me die.

I am thinking about this a lot tonight because my Uncle is having a really, ridiculously, crap tastic time, and I want him to fight, but I get were he is.

[AAM2012]

DH is older and our plan us for him to work longer and then retire and for me to retire a little earlier when I'm a little younger so it (hopefully) works out that we're retiring around the same age.

[Susie]

My parents are 5 years apart. My mom has been retired for a couple years, although "retirement" is a generous way to say that she's out on permanent disability because of her incurable ovarian cancer. Although it's incurable it is not yet terminal (i.e. she isn't dying yet) so they're still about and doing (some) things (as she is able). My dad hasn't retired yet, by choice (he is eligible). He's a professor, and honestly his job is a pretty sweet gig at this point. They're 58 and almost-63. My mom's retirement options are opened up by her disability, but otherwise she wouldn't be able to access them without a penalty. I don't think she actually has accessed any of them; with my dad still working there's no need. He carries (and will carry in retirement) their health insurance. He paid whatever it was that was necessary for her to be covered for life as well, in the event he predeceases her.

Calvin and I are only 3 years apart, and he is older but loves his job more than I do. We don't have target retirement ages yet, lol. Although we save diligently for it, it still feels like such lifetimes away. But I don't really foresee him retiring before me.

[juliabug]

I'm in a similar situation. DH is 9 years my senior. He is in an industry that is conducive to contract work (though who knows what the tech industry will look like by then!) His plan is to partially retire around 60 while I continue working until I am 60, then we will both fully retire.

I've been a SAHM for a while, so we are a little behind right now.

I'm also in an industry that lends itself to part time work, so I may do that after DH retires.

[msmerymac]

We are 8 years apart and plan to retire at separate times. I will likely work until at least 65. He might work until around 70 (his dad did). That still means I'll work a few years longer than him, but not 8 years longer.

[FishChicks]

DH is two years older, but is seriously convinced he's going to die in his 50s, so he wants to retire young. That said, he didn't start any true retirement savings until about 3 years ago, in his early 30s. His plan is to build the business he co-owns and then sell it for big bucks. I sincerely hope he can, because our savings, while substantial, are nowhere near the 'retire at 55' category! I will be fine if he retires many years before me, as long as I don't have to bear the full financial responsibility.

[CallingAllAngels]

H is 11 years older. It just works out that I will be eligible for my pension when he turns 65. Our plan is to both retire then, but honestly I will probably keep working at least part time for a while.

[giantsgirl]

We are 16 years apart, DH got a late start on retirement savings, and I make more than twice what he does, so, I am working until my retirement age. If we dont have to move again for my job, he will probably work till 62 or 65. If we do, that will be when he retires. I am planning on working till 65 or so.

[moolarkey]

H is 1 year older, says he's never going to retire. I want to retire at 63 and if I have to work 1 more day than that people will get hurt. I like what I do but I'd rather be retired. I can't wait for the day when I can wake up and not remember anything that I need for my job, when I can let all this details and stuff I have to remember go.

[Deleted]

Crash: what do you mean by "expensive first marriages" - is that you were both married to spenders, or the weddings were costly? Genuinely curious!

In response: we have a tiny age difference, but agreed that we must retire together. I'd be furious with H if he was retired and I still had a salaried, 5 day a week thing.

Someone up above also wrote about 2 people sitting at home...I will have a retirement that looks very little like that, which I think is part of why we made our pact. If H is enjoying his retirement (volunteering at our nearby land preserves and nature centers, enjoying his hobbies, etc...) And I am doing what I do today (commute in for a full day of work)....newp.