Retirement Planning California

The White Paper You MUST Read!

Planning a Joint Retirement in California, PART 2

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Preparing a Shared Retirement Plan

Before retiring, you and your spouse have a lot to discuss. Consider some of these vital retirement questions with your spouse:

At what age do you plan to retire?

You and your spouse should discuss at what age you plan to retire, so that you can both be in the same planning phase. The chances of you and your spouse retiring at exactly the same time are slim. It’s likely that there is an age difference and that one of you will reach retirement age first. This may help you get an accurate feel for the expenses that come from retiring, and can help you plan a more effective budget for when you are both retired.

What kind of activities will you pursue?

Many retirees in California pursue volunteering, exercise or charity with their expanded free time. You should evaluate if you and your spouse have many common interests that you’ll want to pursue together, or varying interests that you’ll want to pursue separately. The things you do may also depend on external factors, such as if you decide to share a car with your spouse during retirement. You should discuss this ahead of time so that both of you can find activities and a schedule that make you happy.

How will you divide household duties?

With both spouses working, it’s likely you do chores based on availability, without each of you having specific responsibilities. However, in retirement it might be necessary to designate specific household tasks so that you both feel you’re sharing equal responsibility.

Do we have any health risks?

You should evaluate your health status so that you can more accurately plan for your retirement in California. Although some health complications are unpredictable, if either of you know you are at risk for a health problem, you’ll want to factor this into your retirement planning, both for your lifestyle and for your budget. It can help to plan a variety of activities for retirement, so that if a health issue rules one of them out, such as travel, you can spend your time doing something else.

Would we be able to go solo?

Although you may split up some household chores, it’s important that each of you knows how to do essential tasks such as paying your bills, handling your investments, managing your property, driving and traveling independently, as you may eventually have to do these things on your own.

Some Final Retirement Planning Advice for California Residents

You should realize that your retirement plan will greatly affect your spouse’s, and vice versa. Discussing and finalizing these plans can help you see if you and your spouse have compatible views of retirement. It can also help avoid future conflict. Lack of planning is a huge problem in California, as individuals who don’t plan tend to be less successful in adjusting to their new roles, have less financial stability and are more likely to become depressed. Without joint planning, you and your spouse may end up on completely different pages in retirement.

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

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

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About California, United States

California – the land of hot dry summers and rainy winters – is a state on the west coast of America and boasts 58 counties, 460 cities and 22 towns. Sacramento is California’s state capital. As far as government is concerned, the Golden State is arranged into three government branches, which include an executive branch with a governor, a legislative branch with a senate and assembly, and lastly a judicial branch with lower courts and the Supreme Court. Politically speaking, California has a characteristic political culture and most of the people residing here are known to be liberal. The State of California has not only hosted the winter and summer Olympics, but it is also a popular centre for auto racing and motor sports.