The sooner you are aware of the other’s goal, the more time you have to work toward a compromise and a shared ideal. If one spouse is not working outside the home, you may want to consider a spousal IRA, which allows you to put aside funds in a tax-deferred investment account for the benefit of an unemployed spouse. A bit of careful planning in the years before age 62, the earliest at which you can start collecting, can make a difference in his and her guaranteed income for life. Aligning these expectations will help you build a more realistic plan. Changing your beneficiaries can be done easily by contacting your brokerage firm if you have an IRA or the human resources representative who administers your company’s 401(k) plan. Most IRA providers and employers allow you to name a secondary beneficiary in the event that the primary beneficiary is unable to receive or utilize the funds. By staggering retirement, each spouse gets a better sense of their daily routines, hobbies, aspirations, and social life outside the home. The separation of marital assets can extend to retirement plans, involving a qualified domestic relations order (QDRO) to divvy the money without early-withdrawal penalties. You may also be entitled to spousal support in retirement. Divorced or widowed spouses qualify for social security benefits on the record of a spouse.
