As we grow older, planning for the future becomes not just important—but essential. For couples entering their senior years, making informed, intentional decisions now can help ensure financial stability, peace of mind, and dignity in life’s later chapters. Whether you’re planning for yourselves or helping your aging parents do the same, the time to act is now.

In this newsletter, we’ll walk you through the most important steps to take so you can stay in control, protect your loved ones, and prepare for what lies ahead.

Meet with an Advisor or Elder Law Attorney Together

In many couples, one person (often the husband) takes the lead on financial decisions, while the other isn’t as involved. That imbalance can create stress and confusion down the line. Meeting with an elder law attorney or financial advisor together is one of the best ways to level the playing field.

You’ll both come away with a better understanding of your current financial picture, what protections are in place, and where adjustments might be needed.

Ask Essential Questions

Planning for retirement and the final years means looking at the full picture. Together with your advisor or attorney, discuss the following key questions:

• What financial risks are we exposed to in retirement?

• How can we protect our income from market volatility?

• Are we using tax-free income strategies to our advantage?

• What plans do we have for long-term care needs?

• Are we maximizing our Social Security benefits?

• Which accounts or assets should we draw from first in retirement?

A professional can help you create a personalized plan that provides security for both partners and leaves a legacy for future generations.

Evaluate Pension Options Carefully

Pension decisions often come with multiple options—each carrying long-term consequences. One common choice involves selecting a lump sum or a monthly payment with a survivor benefit (e.g., 50% or 100% continuation for the spouse).

For example, a husband might choose a pension payout that guarantees his wife will continue receiving half the benefit after his passing. Understanding these options—and the trade-offs—ensures surviving spouses remain financially supported.

Discuss Long-Term Care Early

Long-term care isn’t just a medical issue—it’s a financial one, too. The costs of in-home support, assisted living, or nursing home care can be significant. Unfortunately, many couples don’t start these conversations until it’s too late.

Talking now about your preferences, resources, and legal protections—such as long-term care insurance or Medicaid planning—can make all the difference.

Prepare for Life After the Primary Earner

If one spouse is primarily responsible for managing money or handling paperwork, it’s critical that the other partner knows what to do if something happens. This includes knowing what benefits will continue (like Social Security or pensions), what assets are available, and how to access accounts and legal documents.

It’s not about expecting the worst—it’s about making sure no one is left in the dark during a difficult time.

Peace of Mind Is the Real Goal

Planning for the final years of life is ultimately an act of love. It brings clarity where there could be confusion, and security where there might otherwise be stress.

If you’re ready to take the next step—or just want to explore your options—we’re here to help. Our firm specializes in elder law and long-term care planning for couples and families. Let’s build a plan that gives you both confidence for the years ahead.