6. My spouse will take care of my retirement
You might be tempted to rely on your spouse’s retirement, but let me tell you a secret: it’s a very bad idea. Another myth that is spreading around lately is that a spouse is somehow obligated to take care of two people when they retire. What if you get divorced? This can happen.
It might be nothing compared to other things, but if you are planning on relying on someone else’s money, then it’s time to rethink the whole situation.
You need to talk about the joint survivor option in case something bad happens to your spouse.
If you both have retirement savings in a 401(k) or IRA, you need to be sure you will be the first beneficiary. Otherwise, you will be left without anything.
One Response
I retired and my husband passed away three months later. He was self employed and did not believe in retirement planning. I am so happy that I did. Every point made in this article is true. I work two part time jobs and receive Social Security and retirement.