Once you and your spouse retire, you’ll have some decisions to make — decisions that could affect your quality of life in your retirement years.For starters, how much should you withdraw each year from your 401(k) and other retirement accounts? You’ll want to avoid taking out too much, too soon.Next, when should you each take Social Security? If you wait until your full retirement age, probably age 67, you’ll typically get bigger payments than if you start taking benefits at age 62. Also, one spouse’s decision may affect the other, in terms of spousal benefits.
You’ll also want to think about downsizing — you could save money by moving into a smaller home. You might also think about moving to a more affordable area.Finally, if you haven’t already done so, you’ll need to work with your legal professional to decide which estate-planning documents are needed, such as a will, a living trust, and various powers of attorney.You and your spouse will want to discuss all your choices and then decide which steps to take. After you’ve got your plans in place, you may well find that you can fully enjoy your retirement years.
This content was provided by Edward jones for use by Linda Drake, your Edward Jones financial advisor, at (480) 985-2651. Edward Jones, Member SIPC. Edward Jones, its employees, and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.