Erin Talks Money | Erin Moriarity

Can You Afford to Retire If Your Spouse Is 15 Years Older

This video outlines a retirement plan for a couple with a significant 15-year age gap, focusing on how to manage finances across three distinct retirement phases. The older spouse is 65 and retiring now, while the younger spouse is 50 and retiring simultaneously. Their combined pre-retirement income was $200,000, with 20% ($40,000) saved annually. After accounting for savings and taxes, their actual living expenses were estimated to be between $125,000 and $130,000 per year. For retirement, they plan to reduce their spending to $100,000 annually, targeting a gross income of $110,000 to account for taxes and a cushion.