Talk to Your Spouse About Your Retirement Vision

Submitted by Edward JonesPrint Story | Email Story

If you're single, your retirement goals are your own – you don't really have to consult with anybody, and you can change your plans whenever you like. However, if you're married, you and your spouse should develop a joint “vision” encompassing all the key areas of your retirement lifestyle. 

These are a few questions you may want to address first:

Where should we live? Once you retire, you may need to consider two key aspects of your living situation: the size and location of your home. Regarding size, you may look around one day and realize you have more living space than you actually need. This is especially true, of course, if you have children who have set out on their own. So, if you have a large single-family house, you may want to consider whether you should move into a condominium or even an apartment, either of which might be more cost-effective for you. 

As for location, you may decide that retirement is the perfect time to move, either to seek a more favorable climate or to be near grown children and grandchildren. In any case, moving to a different area is a major financial decision, so you and your spouse will certainly want to discuss all the aspects of relocation.  

Will either of us work? Retirement no longer means the cessation of all work. You or your spouse – or perhaps you and your spouse – may want to use your skills and experience to do some consulting or even open your own business. Adding a source of earned income will almost certainly help your financial picture during retirement, but if either you or your spouse is planning to do some work, you will want to be sure this activity doesn't disrupt other plans that may be important to you, such as traveling.

Also, any source of earned income during your retirement years may well affect important financial decisions, such as when to take Social Security and how much to withdraw each year from your retirement accounts, such as your IRA and 401(k). Again, it's essential that you and your spouse be on the same page about any type of employment during retirement.  

How will we spend our time? Aside from possibly doing some type of work during your retirement years, how else might you spend your time? Would you like to travel extensively? Or would you rather stick close to home and pursue your hobbies or volunteer? These don't have to be either-or decisions – hopefully, you'll be able to explore many pursuits during your retirement. Keep in mind, though, that there will be different costs for these various activities, so you and your spouse may need to prioritize your choices to ensure they fit in to your overall financial strategies. 

As you can see, you and your spouse will have some key decisions about the financial aspects of your retirement. However, with some careful planning, you can make the moves that can help you work toward your common retirement vision.

This article was written by Edward Jones for use by your local Edward Jones financial advisor. Courtesy of Rob Adams, 1 Berkshire Square, Suite 114, Adams, MA 01220, 413-743-0552. 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. For more information, see EdwardJones.com.


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Clarksburg Gets 3 Years of Free Cash Certified

By Tammy DanielsiBerkshires Staff
CLARKSBURG, Mass. — Town officials have heaved a sigh of relief with the state's certification of free cash for the first time in more than three years.
 
The town's parade of employees through its financial offices the past few years put it behind on closing out its fiscal years between 2021 and 2023. A new treasurer and two part-time accountants have been working the past year in closing the books and filing with the state.
 
The result is the town will have $571,000 in free cash on hand as it begins budget deliberations. However, town meeting last year voted that any free cash be used to replenish the stabilization account
 
Some $231,000 in stabilization was used last year to reduce the tax rate — draining the account. The town's had minimal reserves for the past nine months.
 
Chairman Robert Norcross said he didn't want residents to think the town was suddenly flush with cash. 
 
"We have to keep in mind that we have no money in the stabilization fund and we now have a free cash, so we have now got to replenish that account," he said. "So it's not like we have this money to spend ... most of it will go into the stabilization fund." 
 
The account's been hit several times over the past few fiscal years in place of free cash, which has normally been used for capital spending, to offset the budget and to refill stabilization. Free cash was last used in fiscal 2020.
 
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