5 Critical Financial Planning Steps for Retired Newlyweds

Marrying later in life can bring all of the usual butterflies and excitement that a marriage in one’s twenties would bring – and it also comes with its own raft of financial planning considerations.

Given that you might be coming into your marriage with more assets, a more established way of life, and children or loved ones from previous relationships, we believe financial planning is all the more crucial if you’re heading into retirement as a newlywed.

We consider the following 5 issues to be a key part of your financial planning as a couple, but it’s not an exhaustive list. Your financial advisor can provide more personal guidance as you get started on your new life together.

Beneficiary forms and account designations

This is one of those seemingly simple things that is all too easy to forget: when you get married, be sure to review and update your designated beneficiaries on any retirement accounts or insurance policies. Depending on your family situation, you might choose not to make changes, but it’s important to keep the status quo as a matter of planning than inertia.

For example, a client of ours, Kelly, chose to keep her children as the beneficiaries of her retirement savings after she married her husband Steven at age 56. This was part of a larger retirement planning process, in which the couple decided to provide financial support to each other through retirement by other means, leaving their retirement assets as part of an inheritance for their respective children.

Just remember, this approach is not suitable for every couple or financial situation. We recommend working with an advisor to develop a plan that can help meet your needs and goals.

Insurance coverage and strategy

If you’re combining finances, you might also consider combining insurance strategies. Whether for health, life, income, or other purposes, it can be useful to sit down with your new spouse to look over your respective policies and consider whether there might be a better way to meet your needs as a couple.

You may be able to save money or maximize coverage – or even just simplify your household administration. Be sure to talk to a specialist who is familiar with your needs and the risks and costs you might be facing.

Tax strategies


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Tax planning can be an important part of combining finances – and retired newlyweds are no exception! You might be considering a strategy for utilizing retirement savings, managing Required Minimum Distributions, and optimizing your income sources.

You may also be able to take advantage of special tax breaks, whether through deductions or for purchases like a new home. We recommend speaking to your financial advisor and accountant to talk about what tax strategies might be most suitable for your financial situation and your overall goals for retirement.

Social Security planning

If you’ve recently gotten married, you may have already considered the Social Security strategies that might be most appropriate for your particular situation. If you haven’t, now is a great time to take this on.

Your optimal Social Security strategy will depend in part on whether either of you was unmarried, divorced, or widowed prior to your current marriage. Your relative earnings, personal preferences, and taxable income sources may also impact the decision.

Estate planning considerations

Estate planning can be tricky for any newlywed to navigate, but for mature marriages and blended families it can get complicated in a hurry.

If you have children from a previous marriage to whom you want to leave an inheritance, loved ones who rely on your financial support, or issues like separate property and business ownership to navigate, it’s important to sit down with your spouse to discuss your wishes for yourselves, for each other in the event of death, and for your loved ones.

There are numerous ways to plan around the various priorities that you might have, including the establishment of specific trusts, the use of insurance, making appropriate designations on your financial accounts and insurance policies, or even a well-written will in some cases.

We recommend speaking to an estate planning attorney to discuss your unique situation and to determine which strategies could be most effective and prudent for your goals.

Consider your priorities – and get appropriate advice

In all of these areas, there is no one-size-fits-all strategy. Every family and couple is different, which makes personal advice so important. We recommend speaking with a qualified financial advisor to help define your goals, map out your risk areas and key considerations, and build a plan that can help set you and your new spouse on a robust course through retirement.

As part of that process, you might also want to reconsider your retirement transition plan. Now that there are two of you, the most prudent approach might be a different one!

To get started, download our free guide to retirement transition planning today. It will help you get a sense of the key factors involved in your retirement transition and what you can do to start planning.

Click here to download Your Retirement Transition Guide for free today!


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Let Us Help!

We can discuss this topic and more at a complimentary appointment. As a bay area retirement planning coaches, we can give you a review and make suggestions based on your retirement objectives.

Important Disclosures

The opinions voiced in this article are for general information only. They are not intended to provide specific advice or recommendations for any individual and do not constitute an endorsement by United Planners.

To determine which investments may be appropriate for you, consult with your financial professional. Please remember that investment decisions should be based on an individual’s goals, time horizon, and tolerance for risk. Neither diversification nor asset allocation can ensure a profit or prevention of loss in times of declining values. United Planners does not render tax advice.

Securities and advisory services offered through United Planners Financial Services, member FINRA, SIPC. Pasquale Vitucci, CA Insurance Lic. # 0758212, is an Endorsed Agent of Vitucci & Associates Insurance Services CA Insurance Lic. # 0I06319. Vitucci & Associates Insurance Services and United Planners are separate and unrelated companies.
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