texasdiver
Recycles dryer sheets
Hi everyone. My first real post here. I found this forum via the boggleheads.
Here's a situation I haven't seen discussed much. How do you plan for retirement when you and your wife are not the same age? I'm 48 and I am six years into my 2nd career as a teacher after working 15 years as a scientist for the Federal government. I can see doing this another 14 years or so until my early 60s and then basically being done. At that point I'd have enough time in to qualify for a Texas teachers pension. My SS will be zip because teachers don't pay into it here in TX and my previous SS earnings will be clawed back by the WEP or GPO...whichever it is.
My wife, on the other hand, is 6 years younger than me and seven years into her first career as a physician after residency, med school, time off for kids and other things. She is absorbed in her work and I could easily see her working at least part time into her late 60s at least.
I'm not worried about the finances of retirement. We're maxing out two 403(b) plans and Roths and should be in very good shape long before my wife ever decides to hang up the lab coat. I'm more wondering how one plans for retirement when one spouse is likely to keep working another 10+ years after the first retires. Not financially, but in terms of lifestyle.
Will my wife unconsciously resent it if she is still plugging along professionally while I mess around trying to find new hobbies to spend my time? Do I need to just suck it up and try to keep working while she is? Do I try to convince her to retire before she is ready? Anyone have any bits of wisdom to share?
Here's a situation I haven't seen discussed much. How do you plan for retirement when you and your wife are not the same age? I'm 48 and I am six years into my 2nd career as a teacher after working 15 years as a scientist for the Federal government. I can see doing this another 14 years or so until my early 60s and then basically being done. At that point I'd have enough time in to qualify for a Texas teachers pension. My SS will be zip because teachers don't pay into it here in TX and my previous SS earnings will be clawed back by the WEP or GPO...whichever it is.
My wife, on the other hand, is 6 years younger than me and seven years into her first career as a physician after residency, med school, time off for kids and other things. She is absorbed in her work and I could easily see her working at least part time into her late 60s at least.
I'm not worried about the finances of retirement. We're maxing out two 403(b) plans and Roths and should be in very good shape long before my wife ever decides to hang up the lab coat. I'm more wondering how one plans for retirement when one spouse is likely to keep working another 10+ years after the first retires. Not financially, but in terms of lifestyle.
Will my wife unconsciously resent it if she is still plugging along professionally while I mess around trying to find new hobbies to spend my time? Do I need to just suck it up and try to keep working while she is? Do I try to convince her to retire before she is ready? Anyone have any bits of wisdom to share?