Financial Planning California

The White Paper You MUST Read!

Joint Financial Planning for Retirement in California, PART 1

Most references to retirement in pop culture and advertising show it as a world where couples spend their time golfing, laughing and walking on the beach together, but the reality may be very different. Any major life transition can be difficult to navigate, and retirement is no exception. Although the increase in free time can seem like paradise while you’re still in the workforce, the reality is that many feel lost and purposeless without a set daily routine and a clear purpose. If you and your spouse are both nearing retirement age, the way you plan (or don’t plan) together can have a major impact on your quality of life during retirement.

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Why is Joint Financial Planning so Important for California Residents?

According to a University of Missouri study, spouses who plan ahead and share with each other their vision of retirement report better psychological well-being and financial stability during retirement. Unfortunately, less than 40 percent of couples in California are planning for their retirement together. The transition to retirement is similar to the transition into parenthood—both involve a dramatic change in your day-to-day life and will have a large effect on your finances.

You wouldn’t have a baby without discussing it with your spouse first, so why would you enter into retirement without discussing how you’ll handle it together? This transition will also affect your relationship, as you will likely spend more time together during the day. Before entering retirement, prepare together for what you want your retirement reality to look like and set a plan for how you can get there.

The Changing Landscape of Financial and Retirement Planning in California

Men and women retiring in California today have lived vastly different lives than their parents and grandparents, and the traditional view of retirement is changing as a result. More women have entered the workforce, and men and women are more used to making important decisions together.

This joint decision-making has its benefits—research has shown that couples already making joint financial decisions prior to retirement were more prepared for unexpected events in retirement and had a more optimistic retirement outlook overall. In addition, this increased pattern of joint decision-making can help prepare couples for the joint planning process that should come before retirement.

With both spouses working, husbands and wives have also become more independent. This leads many retired couples to pursue individual interests during retirement, and studies have shown that those who do so often feel more fulfilled than couples who are “joined at the hip” in retirement.

Does this apply to you in any way? To know the right questions to ask your spouse if you’re planning on retiring with them, click through to Part 2!

Let’s Get Connected!
If you want to get started on your journey today or would like individualized investment/financial advice from LPL financial advisor, John Lohrenz, please contact JKL Wealth Management at:

Phone: (858) 535-1705
Fax: (858) 535-1701
Email: john.lohrenz@lpl.com

Alternatively, fill out the Contact Form and we’ll get back to you shortly.

Physical Address
731 S. Hwy 101, Suite 2K, Solana Beach CA 92075

Securities and Advisory services offered through LPL Financial, a registered investment Advisor. Member FINRA/SIPC.


About California, United States

California– thought to be one of the most richly varied landscapes globally – is the land of sand and sun on the western coast of the U.S. As the band “the Beach Boys” once sang, California is a resort destination for laid-back, sun-loving beach enthusiasts. Although the culture in California is mostly western influenced, it has touches of Hispanic and Latin American as well. When it comes to economy, the Golden State relies on agriculture, trade and internationally-related commerce, financial services, transportation, health services and manufacturing, among others. For those who enjoy work over play, the most lucrative job sectors here are leisure and hospitality, trade, transportation, government, professional services, business services and education, among other dominant sectors.