Working Together Toward a
Meaningful Retirement

For many couples, retirement brings excitement, freedom, and, yes, a few new financial challenges, including the absence of paychecks. After working hard for decades to reach this stage, you and your spouse need to approach the future in alignment with each other. Selecting goals, values, and investments requires open communication and teamwork, allowing you to enjoy a retirement that’s confident and potentially lasting 30 years or more.

At iWealth, our team of Minnesota-based retirement planning professionals has seen firsthand how couples can build more fulfilling retirements when they work together.

Through honest conversations, coordinated strategy, and professional guidance, you and your spouse can stay aligned as you work toward the future you both envision for your retirement years.

Start by Defining What “Meaningful” Means to Both of You

Before diving into numbers or investment accounts, start by asking a straightforward question:

“What does a meaningful, fulfilling retirement look like for us?”

For some couples, that might mean traveling, volunteering at church, or spending more quality time with family. For others, it’s about continuing with part-time work, mentoring others, or pursuing creative interests that had to wait during busy working years.

When both spouses describe what matters most to them, financial decisions often become clearer. At this critical point, both spouses will begin to see how savings, investments, and spending habits can support the quality of life and long-term goals that impact quality of life and financial independence.

If you’d like some inspiration to pursue results, check out the iWealthTV episode on goal-based investing. It’s a great starting point for couples who are just beginning to have these conversations.

Recognize That You May Have Different Money Perspectives

Every couple brings two unique money mindsets into retirement planning. One spouse might be focused on growth and opportunity, while the other prioritizes stability and predictability. These differences can either create tension or balance, depending on how they’re managed.

Rather than trying to change each other’s perspective, consider these differences to be strengths that require compromise. Talk about what each of you values when it comes to money, flexibility, risk, giving, independence, and find common ground for any differences that may exist.

At iWealth, our retirement planners in Minnesota often guide couples across the country through structured conversations that help reveal differences and turn them into actionable plans for the future. This allows both of you to feel heard and included in every major financial decision.

Build a Coordinated Financial Plan

A mutual retirement vision needs a shared plan. While one spouse may have managed the finances in the past, retirement is a stage where collaboration becomes essential, especially if that spouse suffers a catastrophic illness.

Consider these points as part of your comprehensive retirement planning process:

• Deciding when to start drawing from Social Security, pensions, IRAs, personal savings, annuities, or other retirement accounts.
• Balancing risk tolerance and time horizons between both spouses.
• Coordinating withdrawals from various retirement and non-retirement accounts to manage your need for income, while minimizing taxes more efficiently.
• Understanding Medicare options and potential long-term care needs.
• Structuring gifts, inheritances, or charitable giving in a way that reflects your shared values.

Each of these financial decisions affects both you and your spouse, which is why working together with an experienced retirement planner in Minnesota can help you stay proactive rather than reactive.

Watch: “5 Retirement Myths You Shouldn’t Believe”

Communicate About Timing and Lifestyle Changes

If you and your spouse retire at the same time, your personal experiences can feel very different. For instance, you might be ready to slow down while your spouse wants to remain more active in business, even if on a limited basis. These timing differences can affect everything from your income strategy to how you spend your retirement years.

Start talking early about when each of you hopes to retire and what that transition might look like. Discuss how daily routines, household responsibilities, second homes, activities, and social circles might change. These seemingly small details can have a significant impact on the personal well-being of both spouses when the paychecks stop and the distributions from various accounts start.

Many couples underestimate the emotional impact of retirement. Work often provides structure, identity, self-worth, and social interaction, all of which can shift dramatically once retirement begins.

Working together to plan how you’ll spend your retirement years can help make this transition smoother and easier, especially in the early years of retirement, when there is more going on.

Discuss what brings meaning to your days now and what might fill that role later in life when you have more time. Whether it’s joining community organizations, mentoring younger professionals, reducing a golf handicap, or taking on a project you are both passionate about, building emotional purpose into your plan is just as important as financial preparation.

Watch: “Newlyweds, Money, and Travel: Work Now or Live a Little?”

Keep Revisiting Your Retirement Plan as Life Changes

Many couples begin their retirement planning in their mid-40s to early 50s, which is a very smart move – more time to compound returns. The challenge comes later, when lives begin to change, but your retirement plan has not. Too often, couples retire without revisiting their latest financial strategy, even after significant life events have occurred.

Retirement planning isn’t meant to be a one-time exercise; it should evolve right along with both your lives. Markets shift, tax laws change, and your goals as a couple will naturally grow and adjust over time. Maybe you’ll decide to downsize earlier than expected, start a small business together, buy a second home, or help support adult children or grandchildren in new ways.

That’s why regular reviews matter. Aim to revisit your plan at least once a year to confirm it still reflects your shared interests and priorities. When you work with an iWealth retirement planner, you’ll have a structured process for these ongoing check-ups. Our advisors help couples stay connected to both the numbers and the “why” behind them, keeping your plan flexible, relevant, and aligned with your evolving lives during late working years and early retirement years.

How iWealth Helps Couples in Minnesota and Beyond Pursue a Meaningful Retirement

At iWealth, we believe retirement planning is more than preparing for life after work; it’s about creating a plan that supports the life you want to live for decades to come.

We help couples in all phases of life:

• Connect their financial goals to their lifestyle interests, and make sure every dollar serves a distinct purpose.
• Coordinate income and tax strategies that strive to optimize the efficiency of their distributions from savings.
• Plan for transitions such as selling a business, receiving an inheritance, or adjusting to market volatility.
• Stay informed and inspired through our ongoing podcasts and video series on iWealthTV.

Each partnership is unique, and our Minnesota-based advisors bring a blend of personal understanding and professional insight into every conversation.

Ready to discuss your retirement planning strategy? Connect with us today.