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By Mark McGregor, CRPC®, CFF®

Have you and your spouse ever compared notes on what retirement actually looks like? One of you may picture traveling for months at a time, while the other imagines staying close to family or continuing part-time work. These differences are common—and they’re exactly why financial planning for married couples deserves thoughtful attention long before the retirement date arrives.

Below are five retirement moves that can help married couples make informed decisions, manage tradeoffs, and prepare for the financial realities ahead.

1. Aligning Different Retirement Visions and Timelines

Couples often assume they’re on the same page until they start talking specifics. One spouse may want to retire at age 60, while the other plans to work into their late 60s. These timing gaps affect income, healthcare costs, and portfolio withdrawals.

Consider a couple where one partner is a corporate executive ready to step away at 58, while the other enjoys their role as a consultant and plans to continue earning income. Rather than forcing a single retirement date, planning might involve creating a phased approach: one spouse transitions into retirement while the other’s income supports continued savings or delays portfolio withdrawals. This type of coordination helps preserve assets and reduces pressure on investments early in retirement.

The takeaway? Shared financial planning for married couples doesn’t require identical goals, but it does require clear conversations about timing and tradeoffs.

2. Strategies for Couples With Significant Age Gaps

Age differences introduce additional planning layers, especially when retirement spans multiple decades. A 10- or 15-year age gap can mean one spouse depends on portfolio income while the other is still earning or contributing to retirement accounts.

For example, a business owner in their early 60s married to a spouse in their late 40s may need a plan that balances near-term income needs with long-term growth. Investment strategies, insurance coverage, and estate planning decisions must account for the likelihood that one spouse could spend many years managing finances alone.

In these situations, financial planning for married couples often focuses on longevity risk and survivor planning early, rather than treating them as late-stage considerations.

3. Handling Different Risk Tolerances in Investment Planning

Risk tolerance mismatches are common and can create tension during market volatility. One spouse may be comfortable with fluctuations, while the other prefers stability.

Imagine a couple with $3 million in investable assets. One partner, a former trader, understands market swings and focuses on long-term returns. The other partner worries about downturns and prefers predictable income.

A productive approach may involve segmenting assets by purpose: growth-oriented funds for long-term needs and more stable allocations for near-term expenses. This structure helps each spouse see how their priorities are represented without requiring identical comfort levels with risk.

4. Planning for the Financial Impact of Losing a Spouse

No one enjoys thinking about this scenario, but planning for it is an act of care. The loss of a spouse often changes income, tax brackets, and decision-making responsibilities overnight.

For affluent couples, this might include reviewing which assets generate income, how accounts are titled, and whether one spouse relies heavily on the other for financial decisions. Think of estate planning like building a road map—one that helps the surviving spouse navigate unfamiliar terrain without unnecessary detours.

Addressing these questions in advance allows couples to make adjustments while both voices are present.

5. Communication Techniques That Strengthen Finances and Relationships

Strong financial outcomes often follow strong communication habits. Couples who schedule regular money conversations tend to stay aligned as circumstances change.

These meetings don’t need to be formal. They can focus on questions like:

• Are we still comfortable with our retirement timeline?
• Have our priorities changed this year?
• Do we both understand where income comes from?

For busy executives and business owners, setting aside this time creates space to address issues early, rather than reacting during moments of stress.

Get Started With Financial Planning for Married Couples

At McGregor Wealth Management, financial planning for married couples starts with understanding how your individual retirement goals intersect with shared responsibilities.

In the first stage of the process, we focus on timelines, income needs, investment strategies, and legacy considerations, helping couples see how today’s decisions influence decades of outcomes.

If you and your spouse are preparing for retirement (or refining plans already in motion), a conversation with our team can help you evaluate options and make informed choices together.

If you’d like to get in touch, call 303.681.0113, email mark@mgswealth.com, or schedule a meeting online.

Frequently Asked Questions

What is the best approach to financial planning for married couples nearing retirement?

The best approach to financial planning for married couples is one that coordinates both spouses’ retirement timelines, income sources, risk tolerance, and long-term goals. Rather than forcing identical plans, effective planning helps couples understand tradeoffs, sequence retirement dates, and manage assets in a way that supports both partners over time.

How can married couples align different retirement goals or timelines?

Married couples can align different retirement goals by having early, specific conversations about when each spouse wants to retire and what that retirement looks like. Financial planning for married couples often includes phased retirements, coordinated income strategies, and investment adjustments that allow one spouse to retire earlier while maintaining long-term financial stability.

Why is financial planning important for married couples if one spouse passes away first?

Financial planning for married couples helps prepare for changes in income, taxes, and decision-making if one spouse dies. At McGregor Wealth Management, this planning includes reviewing account ownership, income sources, and survivor strategies so the remaining spouse has clarity, continuity, and financial confidence during a difficult transition.

About Mark

You probably have people helping with your investments, legal matters, and taxes…but who makes sure you are getting all the benefits you’re owed? I do. My name is Mark McGregor. I scour federal, state, local, and corporate databases to find benefits you are owed but NOT receiving. That’s what I do. Yes, we do all the other things as well, such as providing investment management, tax planning, long-term care planning and other services. Those are the big things, but I also help to make sure the little unknown things are taken care of for you. It’s also making sure that the little things don’t become big problems for you down the road.

I got into this business to fill a void I noticed after the passing of one of my friends’ parents who was experiencing hardship due to poor planning. I saw the issues they had to deal with firsthand, and this left me feeling that there were lots of financial salespeople, but not many true advisors making sure people were getting all the available benefits they had worked so hard for. I use the skills I gained from my bachelor’s degree from California Polytechnic State University and 24 years of industry experience to get all the benefits my clients are owed. I live in Castle Rock, and we are actively involved in sports and charitable organizations, such as Unbound, which provides personal attention and direct benefits to children, youth, the aging, and their families so they may live with dignity and achieve their desired potential and participate fully in society.

Disclaimer: Investment advisory services offered through Brookstone Wealth Advisors, LLC (BWA), a registered investment advisor and an affiliate of Brookstone Capital Management, LLC. BWA and McGregor Wealth Management are independent of each other. Insurance products and services are not offered through BWA but are offered and sold through individually licensed and appointed agents.

Mark McGregor and/or McGregor Wealth Management are not affiliated with or endorsed by the Social Security Administration or any other government agency.