Sync Up With Your Spouse
It’s always a good idea for spouses to be on the same financial page. In fact, it’s even more important in retirement to make sure both parties know how money is being managed — and spent.
“When both parties were working, you [could] get away with dividing assets into separate accounts and having some autonomy with your funds. This becomes much more difficult during retirement,” said Toumayants.
“It’s more important than ever before that the two parties stay connected and communicate what is going in and out, money wise. While the transition into sharing retirement money is definitely difficult at first, it’s crucial for healthy retirement planning and spending,” said Toumayants.