Created by: Joseph Owen
Upon searching through Investopedia.com, I found this great article illustrating different benefits couples can receive (financial/emotional) if they were to retire at different periods. Financially speaking, the advantages are threefold. When one spouse works longer, the amount of SS benefits the couple is entitled to will increase. In addition, the continued income from the working spouse gives the couple a few more years to save for retirement. Lastly, a spouse who works an extra 3-5 years will likely have a shorter period over which to draw on his or her retirement assets, allowing for larger withdrawal amounts each year. Emotionally speaking, retirement is a tough process. People loss self identity, and if both spouses were to loose self identity in the same time period, it would only lead to negative effects. If you would like to read the rest of this article, the link is listed below.
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