Suze Orman TwitterSuze Orman FacebookSuze Orman YouTubeSuze Orman LinkedIn
View Blog & News List

A Message for Husbands: Your Wife Should Drive the Retirement Planning

July 30, 2015 at 12:00 AM

One of the most common things I hear from many couples is that the husband likes investing and planning, and thus wives are all too happy to let him handle the retirement strategizing.

Big mistake.

Not because I am doubting the skill and intentions of men. Rather, my concern is that it’s women who typically are the most at risk in terms of retirement security for a very simple fact: Women tend to outlive men.

Quick quiz:

Guess what percentage of women between the ages of 75-84 are widowed?:

  1. 38%
  2. 27%
  3. 52%

Now guess what percentage of men between the ages of 75-84 are widowed?:

  1. 32%
  2. 40%
  3. 17%

The answer to both is C. More than half of women will be widowed at that life stage, compared to less than 20% of men. That’s why women need to be drivers of the retirement planning: Because they are the ones who typically will be the surviving spouse. I think it makes plenty of sense for the person with the most at stake to be in charge here.

I want to be clear: both of you should be involved in the planning. But you and I know that it’s often natural for every relationship to have a divide-and-conquer approach where you each drive different tasks. I highly recommend that women be the ones driving the retirement planning. That just tilts the odds a bit toward acing the most important retirement planning step: making decisions that will ensure the financial security of the surviving spouse. That can entail delaying when the high earner begins to receive his or her Social Security benefit (waiting to age 70 entitles you to the largest payout), which in turn will leave the surviving spouse with the highest possible benefit.  And if the husband has a traditional pension, you will want to carefully consider how to take that annuity payout. Quite often the smartest move for the benefit of the wife (the surviving spouse typically) is to take a reduced benefit that will continue to make payments even if the husband does indeed die first.

Tag Cloud

healthy retirement blood pressureloan big picture incentives for health care wellness screeningFixed Rate MortgageHDHP debtWarner Bros Television Group3 bucket approachETF'sHDHP's are not badEric Dodge no fee transferSpendingBankruptcyadult childrenfamily save at least $100 monthlymortgage disclosuresocial security never insolventhealthy retirement weightanticipated salarygift not loanwaive home inspection bidrequire chore in exchange for allowanceback door Roth IRAcar leasingoverspend on dining outbetter loan dealshealthy youreal estate marketno late fee Richdon't extend mortgage automatic paymentgraduationswitch to roth 401(k)mortgage brokerSelectQuote.comage appropriate goalsSchool of Social Workreferrals Wall StreetLegal Guardianno private loansrequired disclosuresmall changes learn good financial choicesroth irawrite new goalIRA contribution gifted moneymonthly benefit face your financial fearpremiumwomen longer life spanraise deductiblesCommencementconsider roth 401(k)mortgagebe kind to yourselfFinancial Systememotional stakesreal estate mistakesHDHP'ssummer job match income no life insurance financially irresponsiblecredit managementmaintain standard of livingGay Couplesverify wellness screening and programsAARPgrandparent IRA contribution worst financial mistakeAmericans don't use all paid vacation timeunder 18 financial giftvalue moneyrefundHigh FICO Score = Better Rateprotect and provide for minor child best interest ratesbuy home you can affordSandy Hook Elementary Schooldebit cardHDHP/HSAannual cost of living adjustmentadvice for college graduatesFinancial Power of AttorneyJose Rodriguezpublic service career student loan repayment confidentteach your child good money habitssame sex marriage band end FloridaBeautyFinancial Awareness Video Festivalidentity theftlong term careschedule vacationAARP Social security calculatoremployer funding HSAbuy homepresident Obama8 Rulesbreakdown projected monthly housing costDurable Power of Attorney for Health Carelower interest ratestandard deduction cut monthly cellular billFICO credit score credit card mortgageholiday spendingHSA tax savingsForeclosurebudgetMortgage Credit Availability IndexARMRetirement Savingslong-term care premiumsStudent Loanwomen live longermax employer matched 401(k) contributionLTCi ASAPfraudulent returnnon conventional routelousy investmentearn allowanceinsurancedental savings planno sneaking in feesFundsborrowing plan Gay Rightssocial security not going brokeLifestyleLovereduce monthly payment6 month waiting periodeight month living expense costly legal women outlive menHow To Build Creditteach importance of helping othersincrease emergency savingsalways use all paid time offincrease retirement contribution rateresponsible with moneyverify retirement plan with HR or plan sponsorPrime Rate Increasesavingsmortgage interest tax deductionFederal PLUS loanFinancialcontribution college graduateExhibitionno private loanhigh FICO scorehome loan credit score below 740 peace of mindautomate student loan payments15-year refinance dealpush yourself to save more for retirement40% toward financial goalbecome member universal college accesscredit reportnot enough life insuranceinsurance yearly reviewenjoy saving charges on credit cardcut monthly cable billbuy down sidelinedTelepicturesjanuary billswives should be involved in retirementprotect dependent higher insurance deductibleHeartPhyllis Shelton expert long-term careis it necessarybest loan deal 4 Must Have Documents powerfulcnbc alarm clockzero rate transfer dealsresponsibleForbes Top 10home ownershipfile taxes quicklyloan no longer than 36monthscan you afford itreduce withholdingopen enrollment review Suze Orman Scholarshipritual scheduleitemized deductionhome budget after tax costMoney-SavingCNBChome related tax break bonus Suze approvedinterest capitalizationRoth 401(k)community collegeTeachMoneyletter to suzeno interestpay down car loanVital DocumentsLTC shoppingpermanent life insurancestandard ratehome insuranceCollege of Veterinary Medicinenew carteensFree Debt Eliminatorunsubsidized Stafford loanfinancial aidtax ID theftcredit utilization ratedeath benefit 20 to 25 times annual incomeclosing feestoo expensive schoolSuze Ormanapproved medical 100% tax-freepay high rate off firststudent loan repayment planhigh premiumstelevision host401KThe Suze Orman Show740 credit scorenot gender specific highest possible benefitdon't cover cosmetic dentistrysuccessorigination feesMoney Marketlow mileage discountFederal Stafford loanStaffords this year have a fixed 6.8% interest rateMarlo Thomasgay marriage ban end Florida emergency fund life insurancereplace permanent life insurance with termincreased auto insurance premium2015 financial roadmapteens and moneyshorter payback periodMinor Children raise insurance deductibleHoliday ShoppingUniversity of Illinoislower premiumdon't ignore open enrollmentwomen long term careclosing disclosureCredit Card Rate IncreaseMust Have Documentsdangerous retirement planphysical healthlower ratefocus on new truth better termscommitSuze is my biggest mentorprescription tierSuze Orman spouse Kathy TravisVeterinary SchoolLong Term Care premiumsPBS Specialstudent loan repaymentcalculate dependents annual income needsSuze changed my lifeFinancial CliffEmergency Savingscomparison shoppingget over life insurance phobiafinancial argumentsLong Term Care shoppingaffordable premiumPersonal Financeiffy incomedoctors in networkpaid in fullretain separate credit cardslow credit scoreno waiting periodGrace2016 adjust estimated taxterm life insurancepercentage men widowed 75-84paying for collegequick closingFICO at least 72020% down payment30 year mortgage adjust allocations children under 18focus on needsborrow each year, capitalization is going to pile up credit cardstore credit cardsHoliday Seasonpay interest while in schoolpaid vacationARM Cautionidentity fraudcar buying mistakestake actionmoney vowsFinancial Educatorrefinancereduce interest ratetraditional vs roth 401(k)Sandy Hook PromiseFinancial Gift Cliff401(k) ContributionsInfluentialsunexpected expenseno retirement funds for down paymentultimate compounding gifttaxesco-sign get health insuranceLong Term Care Insurance insurance mistakeAuto Savings plan50 over 50don't derail retirement savingsInfluential Celebritylower overall drug costbalance transfer max benefit coveredfinancing car raise your deductibledon't spend long term goalStudent Debt Crisishome buying seasonspeak new goalAdequate Auto and Home Insuranceloan necessityderailed plancostly insurance mistakebuying a caris it kind?Fiscal Responsibilitystretch out haircut appointmentscompare monthly expensesspecial saving accountHolidaypay credit debt ASAPpoint cost offset by savingsCiti Simplicity Card employer offered life insuranceGoodbyeInterestallowancestay positivegift up to 14,000Most Influential Celebrities Listdon't buy wantsno negativitymax employee match2017 TaxesEasy Life Insurance don't use allowance as bribeCory Bookerhigher monthly paymentpublic service loan forgiveness programNew York Lifehome buying mistakesbetter loan ratesRetirement Incomemake saving a pleasureYoung Adult Civil RightsAccuQuote.comPost-Divorcecouple financesprovider of financial supportstudentSatisfyingstrained relationshiplong-term care community bankloved ones dependent on incomemonthly dental insurance premiumAshley Springerswitch to spouse coverageChanging Livesage appropriate choreEmployer Matched Contributiongrandchild summer job IRA contributionFinal Goodbye8 month emergency fundone credit card20 year level term car loanlet them have 50% controlhealthy aging 3 step financial road mapSelfishignore 6 month grace period lowest cost fund optiondebt freeFinancial AwarenessFICO Scorewould you decline a bonusSuze Orman's Money Warsleave a legacysame-sex marriagecollege studentdoctor no longer in networkat worst still pay 75% benefitknow before you oweBaby BoomersLTCHigh Credit Scoreretirment savings8 month safety netpay down student loan debt3% debt transferred school bad retirement planningNewtownaffordabilityburn outmarriage inequalityhigh down paymentjuggle multiple financial goalsonly offered while employed retirement planlow-cost index mutual fundstaycationsocial workchildren's bookhigh deductible health care plansetup automatic savings withdrawpositiveproperty tax10% donate to charitysavings pleasurepreexisting condition not coveredretirementback-to-school budgetBill and Pennyis it necessary?kid borrow firstRevocable Living Trustget credit cardbuying car 2016dear suzecompare provider pricingkeep a schedulerent vs buyget the most out of social security bill paying prioritiesStock Investmentsshort term goal cost of capitalization calculatorConventional loan PMIrepay student loansmarriage financial responsibilitysave Save Us MoneyPrime Rate Rise 2015bad decisions10 year repayment plan increase retirement savingsfederal student loan deferment New american Dream 20% down payment avoid feesForbesPay Off Debt Before Retirementrolloveravoid burn outterm insurancecredit unionWillUrbana-Champaignadd teenpay off debtpurely financial standpointloan is giftno splurge heartacheonly refinance if it paysUniversity of Florida20% equityCOLArising home pricessave moneykids schedule paymentsnear historic lowsdon't blow tax refundmanage student loans2016 adjust withholdinginterest on student loansmobile app15 year mortgagemeet monthly Federal Funds Ratedo not pay allowance for good behaviorRevocable Trustlow down paymentFinancial Advicemoney-aware childexercise reguarlyCPI-WAmy LacyetFRAthree year car loanno tax on withdrawlsbe good exampleMass Mutualcreate new truthgift grandchild IRA contributiondo you need life insurancecontribute household expenses overcome financial fearsmental healthInvest for savings growthfinancial concern20 to 25 times annual incomevalentines daydental insurance protect your familyyours, mine & oursconfident of solutionsecure creditlife insurance name trust as beneficiaryfile asapGiftstudent loan debttax refund fraudsocial securityshop online guaranteed level term policyfinancial fearsCredit scoredeath benefit needs for familyemergency fund savingsfull retirement ageBanksecured cardfour steps to retirement savings don't defer interest paymentsprotect loved ones home buying budgetlive below your meansclosing costs 2% of loanone annual feelower mortgage interestmultiple lendersOverspendingoverspend on giftsautomatic withdraw to savings FHA loan feesdon't charge a pennydepreciating asset Communication Skills big results Motherfinancial independenceis it true? initial tax break Alarm ClockHDHP's are good for youCredit Card Interest RateFinancial Solutions For YouWashingtonpay 100% cashGiftsdangerous money seasontitle insurancedream schooloverspend on nights outStudent Debthigh credit score discountalternative FICO scoredental discount planfinancial goal phraseno apologynegotiate points with bank or sellerstudent loan repayment estimator2015 record year car saleshousing market19 years cash flow problemescrowworkaholic!00% tuition paiddon't do five year car loanpay more than minimumUS Tax Code3 savings buckets percentage of women widowed 75-84spring summer be true to yourselfretirement accountsallowance taskOne Wallet At A Time


View Blog & News List
People First. Then Money. Then Things.
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
© 2017 Suze Orman Media Inc. All rights reserved.
 
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel