By David Kopyc
For many married couples, turning 50 brings retirement into sharper focus. With children grown or nearly grown and roughly 15 to 20 years until traditional retirement age, it’s time to take stock, make adjustments and ensure you’re on a solid path forward.
Gone are the days when retirement rested on a three-legged stool of Social Security, a pension and personal savings. Today’s couples must balance 401(k)s or IRAs, brokerage accounts, other investments and, in some cases, part-time work. Coordinating finances with your spouse is no longer optional—it’s essential.
Two incomes, two retirements, one plan
Each spouse often has a separate career, savings history and retirement timeline, but you’ll share one household budget. Whether you retire together or years apart, align your spending expectations, investment strategies and lifestyle goals. A mismatch can create unnecessary friction or financial shortfalls.
Longer lives, longer retirements
Advances in health care mean today’s 50-year-olds could spend 30 to 40 years in retirement. Plan for decades of expenses—including inflation, health care and possible long-term care—on a fixed or semi-fixed income.
Health care costs
Fidelity Investments estimates a healthy 65-year-old couple retiring in 2025 will spend more than $350,000 on medical costs over their lifetimes, excluding long-term care. Review Medicare options, consider a health savings account (HSA) and evaluate long-term care insurance.
Social Security timing
When each spouse claims Social Security affects total lifetime benefits. Delaying benefits boosts monthly payouts, while claiming early provides income sooner. Weigh your ages, health, income needs and survivor-benefit implications when deciding.
Key steps for couples in their 50s
• Communicate and align goals. Sit down and discuss your vision: travel plans, downsizing, part-time work. Understanding each other’s priorities is the foundation of a strong plan.
• Inventory your assets. List all retirement accounts—401(k)s, IRAs and pensions—along with savings, brokerage accounts and real estate. Make sure you both know where you stand.
• Maximize catch-up contributions. At 50, you’re eligible to contribute an extra $7,500 annually to a 401(k) and an additional $1,000 to an IRA. If one spouse has better benefits, prioritize those accounts but aim for both to contribute.
• Evaluate investment risk together. As you near retirement, shift from aggressive growth to a balanced or conservative mix. Find a risk level you both can live with for the next 15 to 20 years.
• Tackle debt now. High-interest debt erodes future income. Focus on eliminating credit-card balances and consider paying down your mortgage. Entering retirement debt-free provides breathing room for unexpected costs.
• Build emergency and health funds. Keep an emergency fund separate from retirement savings and, if possible, contribute to an HSA for tax-advantaged medical expenses.
• Review estate plans. Update wills, health-care directives, powers of attorney and beneficiary designations. Having documents in place protects each other and your family.
Mistakes to avoid
Assuming one strategy fits both spouses. Each of you has different earning histories, benefit options and health considerations.
Not planning for one spouse to outlive the other. Design your plan so the surviving spouse has adequate income.
Waiting too long to act. The earlier you coordinate and take steps, the more options you’ll have—and the better your chances of meeting your shared goals.
Retirement planning at 50 is no longer optional—it’s a necessity, especially for married couples navigating this journey together. Working as a team, asking the right questions and making informed decisions can turn your 50s from a time of financial uncertainty into a decade of confident preparation—and set the stage for a retirement you can truly enjoy.