Non-Working Spouse Input Into Retirement Timing

[mlb]

My spouse is 2.5 years younger than I am and he has suffered bouts of under and unemployment the last 27 years. He is currently not employed and I don't see it happening on the horizon. He is 61.

I have been the rock and the primary breadwinner/insurance carrier between the two of us.

While we have talked about retirement - I was the one to do the hard math and the heavy lifting - I am the one with the 401K and the bulk of the money in the portfolio is from my work contributions. I know that we will have to fund health insurance for him - until he reaches Medicare because of our age difference when I retire

However - I will determine when I will retire. Initially I thought I could stick it out to 68 and have 30 years in my state pension. But with my slowing down and frankly - tired of being the main breadwinner and ready to call it quits - I let him know - that either my 65th birthday or 7 months after that (27 year pension anniversary) will be it.

He was OK with that and we have run the numbers and it looks like we will be OK. If not? He'll have to get a job.

[Frihed89]

My wife retired early, very early. And yes, I know what you mean. I liked my job, so I waited until I was 72-73 to retire. In the meantime, I stepped up the praise for her role a bit and went her way more often when we were split on all kinds of decisions. Still, some mild push-back in the way of gentle reminders were needed. This hasn't ended since I retired, but we had reached a new, still stable equilibrium before that happened.


Good luck and cheers.

[Clancer13]

Originally Posted by mlb

My spouse is 2.5 years younger than I am and he has suffered bouts of under and unemployment the last 27 years. He is currently not employed and I don't see it happening on the horizon. He is 61.

I have been the rock and the primary breadwinner/insurance carrier between the two of us.

While we have talked about retirement - I was the one to do the hard math and the heavy lifting - I am the one with the 401K and the bulk of the money in the portfolio is from my work contributions. I know that we will have to fund health insurance for him - until he reaches Medicare because of our age difference when I retire

However - I will determine when I will retire. Initially I thought I could stick it out to 68 and have 30 years in my state pension. But with my slowing down and frankly - tired of being the main breadwinner and ready to call it quits - I let him know - that either my 65th birthday or 7 months after that (27 year pension anniversary) will be it.

He was OK with that and we have run the numbers and it looks like we will be OK. If not? He'll have to get a job.

My wife is 4 years younger than me and has been a stay at home spouse for nearly 30 years.

I too have done the heavy lifting, providing the sole income, insurance and 401k contributions.
I developed some health issues a couple years ago and decided that when I turn 62 at the end of this year I will be done.
I do not want to be that guy who chased money as long as he could and then die without some "play time".

I WILL decide when I retire. Fortunately for me she is good with it.

Would have been nice to have that second income but we have a fair amount in our 401k, own our own home and most importantly have a frugal mindset.

[mlb]

Originally Posted by Clancer13

My wife is 4 years younger than me and has been a stay at home spouse for nearly 30 years.

I too have done the heavy lifting, providing the sole income, insurance and 401k contributions.
I developed some health issues a couple years ago and decided that when I turn 62 at the end of this year I will be done.
I do not want to be that guy who chased money as long as he could and then die without some "play time".

I WILL decide when I retire. Fortunately for me she is good with it.

Would have been nice to have that second income but we have a fair amount in our 401k, own our own home and most importantly have a frugal mindset.

Wholeheartedly agree about having that second income.

We solved our 401K savings issue by saving 20-25% of my salary x 2 - as if he DID have a job. It's been tight - but well worth it.