Each partner in a marriage has some unique financial considerations to bring to the household, and these have to be reconciled as part of a retirement plan.
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In two-career homes, for example,
Investopedia recommends that couples resist the urge to retire simultaneously, however poetic and romantic it may seem to sail away together: "There are both financial and emotional reasons why it may be easier for many working couples to stagger their retirement dates."
According to Investopedia, one partner working longer has positive effects for both, including greater overall Social Security income, more time saving toward retirement, and less time dipping into both retirement portfolios.
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Transparency in all matters financial is another important retirement strategy for protecting a spouse. Secrets about money — a hidden debt, a gambling loss — can ruin a marriage, not to mention a
retirement, SmartMoney.com said. Full financial disclosure can protect and spouse and portfolio from rude shocks.
And if financial calamity proves unavoidable, and bankruptcy is in the cards, try to have retirement savings invested as much as possible in accounts that the federal government shields from creditors.
"In general, IRAs are protected from bankruptcy, thanks to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCA),"
the financial services company TIAA-CREF reported.
Individual insurance policies are another way of looking out for a spouse in retirement: disability insurance to recoup income lost due to accident or illness while still on the job, life policies, long-term care benefits to cover the costs of institutional or in-home assisted living.
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