As a fiduciary financial advisor in Belmont, Holland Capital helps couples plan the years when one spouse has retired and the other is still working, from health coverage to when each claims Social Security. We work with clients in Belmont by video and phone, and meet in person by appointment at the Regus center on West Morehead Street in Charlotte.
The years between your two retirement dates raise their own questions. Whose paycheck covers what? What happens to health insurance for the spouse who stopped working? Should the retired spouse claim Social Security now or wait?
The answers affect both of your retirements, not only the next few years.
Two Retirement Dates, One Household
We start with a calendar: when each of you stops working, turns 65 and plans to claim Social Security. Then we map the household’s income and spending year by year.
The working spouse’s pay may cover most of the bills for a while. That can let the retired spouse leave savings alone, or use those years to move money from pre-tax accounts to Roth accounts while the household’s tax bracket is known.
Our guide on retirement income planning for couples covers how to plan two incomes that end at different times.
Health Coverage and Medicare
A spouse who retires before 65 needs coverage until Medicare. That may come from the working spouse’s employer plan, a former employer or a marketplace plan.
At 65, the timing gets more specific. If the retired spouse is covered through the working spouse’s current job, some people can delay part of Medicare without a penalty. Others cannot. The size of the employer and the type of coverage decide it, so we check before either of you signs up.
Social Security for Both of You
Each spouse chooses when to claim. Claiming earlier gives a smaller check for life. Waiting gives a larger one.
For married couples, the higher earner’s claiming age also affects the survivor benefit. When one spouse dies, the survivor generally keeps the larger of the two checks. Our guide on spousal Social Security benefits explains how the two benefits connect.
A written investment policy statement guides the household’s savings. It decides how much stays in cash and bonds for the years before both paychecks stop, and how the rest is invested.
At Holland Capital, investment management follows that plan for the whole household, including accounts in each spouse’s name.
How We Work with Clients in Belmont
Holland Capital Management is an independent registered investment adviser and a fiduciary. M. Chad Holland, CFA, CFP® works directly with clients and is responsible for the planning and advice.
Bring both spouses’ Social Security estimates, a statement from each retirement account and a note on when the working spouse hopes to stop. If the retired spouse has health coverage now, bring what it costs.
We map the years between the first retirement and the second, then sort the decisions by when they need to be made.
The first conversation is free. If there is work worth doing after that, we will define the scope and cost before you decide whether to move forward.
Our offices are in Charlotte, North Carolina and Winter Park, Florida. We work with clients in Belmont primarily by video or phone. When an in-person meeting makes sense, we meet by appointment at the Regus center at 2303 West Morehead Street in Charlotte.
We work with clients throughout North Carolina. You can see the other North Carolina communities we serve here.
Our what we do page explains how a planning engagement works.
RETIREMENT ENGINEERING™
The Order Matters
Five retirement decisions and why timing matters.
Frequently Asked Questions
What Should a Fiduciary Financial Advisor Plan When Retirement Dates Differ?
Holland Capital acts as a fiduciary when providing financial planning and investment advice. Both spouses’ income, taxes and Social Security are planned as one household.
Our fee applies if either spouse rolls a workplace plan into an account we manage. You hear that from us before any money moves.
Should the Retired Spouse Claim Social Security Right Away?
Not always. If the working spouse’s pay covers the bills, waiting can raise the retired spouse’s check. If the retired spouse is the higher earner, waiting may also raise the survivor benefit.
We compare the options using both of your earnings records before either of you files.
Where Do Belmont Clients Meet with Us?
At the Regus center at 2303 West Morehead Street in Charlotte, by appointment. It is about 18 minutes from Belmont.
Both spouses can join in person or by video. Shorter check-ins work by phone.
Photo: Indy beetle / Wikimedia Commons / CC0, cropped.
