I can tell when a husband loves his wife when we plan with our clients
Yesterday posted about how women live longer and how this needs to be incorporated into a Social Security and withdrawal strategy.
This week, Boston College’s Security Project re-posted some good research from 2005 about how women “irrationally” claim their Social Security benefits, see attachement.
So, what happened? It became obvious that the husband was more focused on his well being versus the security of his wife once he passed away. He did not want to work. Did not want the stress related to delaying his benefits and drawing down of their savings. Our last meeting was awkward. For me, sad. I don’t think the husband loved his wife…if he did, the strategy to take care of her after he was gone was crystal clear.
So, run your numbers. See the outcomes and scenarios to make your personal decision. You will be surprised with the huge financial difference your decisions will make over time. If you make good decisions, you have more money. End of Story!!
Retirement planning is complicated and you can’t make up the different if you make a mistake. Find an expert to help you.
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