Retirement Calculator For Couples With Age Difference

Or a retirement calculator for couples.

Retirement calculator for couples with age difference. Person 2 is older than person 1 with 4 years 4 months 12 days. The calculations surrounding death and taxes warrant the use of a retirement calculator built to handle them. According to social security s life expectancy calculator a woman who is 45 years old today and reaches full retirement age at 67 can expect to live an additional 21 years to age 88. When you are part of a couple there are literally double the financial considerations.

View your retirement savings balance and calculate your withdrawals for each year. If there are 10 or more years between you and your spouse you re probably going to have to bridge differences in retirement funding and health care coverage for the younger spouse after the older spouse retires says tim cunningham a financial planner in schwab s denver office. Retirement planning when you are married or part of any kind of committed couple is doubly complicated. The biggest issue is that your retirement pool of money has to stretch up to twice as long for most age gap couples says kristi sullivan owner of sullivan financial planning in denver.

Couples with at least a 10 year age difference can use a separate rmd calculation table that allows the older spouse to withdraw less than a peer with a similar age spouse cherill says. Most often however couples retire at different times because of an age gap. A man who is 50 today and lives to 67 is expected to live an additional 18 years to age 85. There are however plenty of differences that couples need to reckon with.

The social security administration s retirement estimator is the only calculator that uses your actual social security earnings record to provide a benefit estimate for three claiming ages. In many ways a financial plan for a couple is the same as a financial plan for an individual. The age difference between the two persons is 4 years 4 months 12 days. That s because the younger spouse may live decades longer than the older partner and a social security survivor benefit could make or break her later retirement years.

Let s say the husband is older and the higher earner. You need to use a retirement calculator for married couples. Consider a couple with an age gap of eight years or more. Social security is calculated on a sliding scale.