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An age difference in your relationship doesn’t just mean your favorite bands are from different decades.

As you approach retirement together, that age gap becomes a factor in decisions about when you retire and when you take Social Security, and in planning how much money you need to save and how it should be invested.

A gap can stretch your retirement years

Especially if the younger partner is a woman, an age difference can mean you need your money to last longer. Women outlive men on average, which adds additional years to retirement.

As a couple, your retirement time horizon should be computed from the longest life expectancy of the two of you, says Kathleen Hastings, a certified financial planner with FBB Capital Partners in Bethesda, Maryland.

 



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