Broker Check

Should I be Involved in My Husband’s Retirement Plan?

Your husband has taken really good care of you over the years.  He has continuously provided financial stability by working up the corporate latter and handling the household finances while your job included taking care of the household and raising the children.  Now that the kids are getting older, you are realizing that your focus is now transitioning to planning for your retirement.  You do not have a retirement portfolio but your husband has handled that matter with his wealth management advisor.    Yet, you still cannot help but wonder if you’ll be taken care of in your golden years.  Do you dare ask your husband about the retirement plan or do you just sit there in silence?  

To answer your questions, yes, you do need to be involved and have a clear understanding of what your husband and wealth management advisor have created for retirement.  You are married to a wonderful man who has taken care of you and only has your best interest in providing for you but he may be getting information from the advisor that is not in your best interest.  It is not to say that the advisor is looking to hang you out to dry but we are mentioning that your husband is the advisor’s client, not you.  

The decisions your husband makes for retirement might be great if he did not have a significant other with a higher probability of outliving him.  According to national statistics, women live longer than men and this data needs to be factored into the retirement portfolio.  What if you husband decided to retire early and take a reduced payout?  When he passes, you will be stuck with that reduced amount for the rest of your life, which will be considerably longer with a lower survivor’s benefit.  For a wife, who’s depending on her husband’s Social Security or pensions benefits, it could mean that she will be depending on her children to supplement the difference between her income and expenses.    

You have the ability to actively be engaged in all areas of your finances, including your husband’s retirement plan and portfolio.  Be involved and, better yet, create a portfolio of your own.  If you are looking to have a second pair of experienced eyes look at your current situation, or you want to create a suitable portfolio of your own, the professionals at Secure Planning Strategies will help you create the security you’re looking for.  To protect your golden years, give us a call at: (248) 827-2580 or e-mail us at: [email protected] start the process.