Retired w/ working spouse

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rgar98
Posts: 20
Joined: Sun Jul 15, 2007 2:33 pm

Retired w/ working spouse

Post by rgar98 » Mon May 04, 2015 10:37 am

There is lots of info here about investing while still working and "spending" while retired, but does anything special come to mind about those of us who are retired (RMD this year) and have a working spouse (10 years younger)? I'm talking about AA, taxes, or anything else I'm not aware of.

Thanks.

Richard Garcia

German Expat
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Joined: Fri Oct 16, 2009 10:49 pm

Re: Retired w/ working spouse

Post by German Expat » Mon May 04, 2015 11:50 am

I am also interested in the answer. My wife is 8 years younger and retirement for me is 5-15 years away. If my wife keeps working my current idea would be to still save the maximum allowed in her retirement accounts and use some after tax in case we have higher expenses (have a 9 year old and planning for his college costs).

livesoft
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Re: Retired w/ working spouse

Post by livesoft » Mon May 04, 2015 11:52 am

No, there is nothing special. Often, the working spouse has health insurance that is used by the spouse and children.
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Don_Qua
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Joined: Mon Jul 22, 2013 2:42 pm

Re: Retired w/ working spouse

Post by Don_Qua » Mon May 04, 2015 6:27 pm

livesoft wrote:No, there is nothing special. Often, the working spouse has health insurance that is used by the spouse and children.
Bingo. Division of labor. My wife is 8 years younger so she works and brings home the health insurance while I do all of the little chores that we've been putting off for years such as painting the basement and maintaining the vehicles.

Dandy
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Joined: Sun Apr 25, 2010 7:42 pm

Re: Retired w/ working spouse

Post by Dandy » Tue May 05, 2015 7:55 am

A working wife and you're retired - count your blessings :happy Taxes will be an issue with RMDs. Muni funds and tax managed funds might be things to look into. Depends on size of your TIRA portfolio,total income/tax bracket, state taxes etc.

dbr
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Re: Retired w/ working spouse

Post by dbr » Tue May 05, 2015 8:05 am

For one thing Social Security can probably be maximally delayed, but if you are at RMD age, you have probably already started taking benefits. You could investigate the best claiming strategy for a working spouse if she continues to work past 62 or past FRA. Before that, though, there might have been opportunities for Roth rollovers.

Health insurance might be tricky. If you are on Medicare, do you have Medigap? I have the impression not buying a Medigap policy at the Medicare enrollment window can have some problems, when your wife's coverage for you goes away. I am not expert at this, just asking.

headmaster
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Re: Retired w/ working spouse

Post by headmaster » Tue May 05, 2015 9:56 am

Don't forget to use the joint life table, for spouses more than 10 years younger, to compute your RMD if your spouse is your 100 percent beneficiary. This will reduce the annual RMD.

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