5 Financial Tips If You Have A Marriage Age Gap

[@IREFUSE9]

There is 10 yrs between my wife and I. Parallel Wealth built a plan for us based on the ideas in this video. We are just so thankful we found Adam, Brent and company. Our taxes are minimized and the income streams are balanced to maximize our future in retirement in spite of our age gap. We like the fact that Parallel Wealth are fee for service so have no bias in building out a plan.

[@ParallelWealth]

Thanks! Always love to hear this feedback!

[@kimh]

Thanks, Adam. You followed through on my request for this topic. We have a 7 1/2 year age gap, and I would just like to say that our financial planner provided a comprehensive financial plan to 2054 for us, fully and accurately inputting every individual financial quirk and turn. This is with rather minimal savings and no work pensions, but with part-time work for a few years. I pulled my money from one of the big five banks, after I found I couldn't trust their advice - at one point they left out planning for FOOD. You answered a question I had about possibly splitting the proceeds from my RRIF - I had phoned up H&R Block about that one. Keep up the great work!

[@shomitadhya6269]

Thanks! I wish I saw a video like this 10 years ago! My wife, who's 6 yrs older is retiring next year. Plan is to meltdown her rrsp over the next 9 years until I retire, at which point my rrsp and DB pension + LIRA kicks in. I will melt that down until early 80s and then start tapping into TFSA. CPP will be delayed until we are both 70. Just wish I put more in my wife's RRSP in the early years.

[@igottagetouttathisplace]

Another excellent video. With a 12 year age gap (I still work), sadly our “big five bank” didn’t share this info prior to my husband’s retirement a number of years ago.

[@elp2689]

I’ve been thinking about this one. It applies to us. Thanks for doing this video!

[@fxsti]

We don’t have an age gap, but I am certainly interested.

[@darrylklassen1818]

Thanks for the tips. 8 years for us, so theae are good considerations.

[@garth217]

I retired at 54 with a good pension. But as there's a 5 year age gap my wife won't be retiring for a while ( she owns her own small business). She has no pension but does have non registered savings. The one difference I've noticed is non financial....I'm ready to go go, and she can't as she's running her business. Our solution..I went back to work. I've retired twice now, I hope the 3rd time sticks

[@graywilliams_77.]

@susan nicky I'm interested in expanding my knowledge of trading the fin-market, can you provide more information?

[@CentauriCentauri]

I am 7 years older than my wife. We will still retire at the same time so not much extra strategizing needed here ❤😊

[@ParallelWealth]

Rocky, still lots of strategizing around types and balances of accounts - unless one of you have a large DB plan.

[@CentauriCentauri]

@@ParallelWealth Thanks for your response my friend. :) My wife has the large DB plan. Double of mine. But when we are ready to retire, we still plan on contacting you.

[@ColdRunnerGWN]

As someone with an 11 year gap and has only been together for 9 years, I would mildly disagree that an age gap is a major issue. I can retire in a little over a year, but will likely stay on for an additional 2 years just to make sure I can have an ideal retirement. The reason I can do this is because I was planning for my own retirement years ago. This included saving, investing and paying off my mortgage as fast a was practical. For me, the bottom line is that a good retirement road map doesn't get derailed by something like this, it just has to have some minor tweaking to the plan. Edit: just to clarify one point, my wife will continue to work for a few more years after I retire; however, it will only be part time, and we plan to travel for at least one month a year.

[@IREFUSE9]

IMHO, depending on your age and health of course, having your spouse work for a few more years after you retire is not a small tweak, but I would say if it really is a minor tweak you are in the vast minority and your spouse is very fortunate your plan has taken their age difference into account and they will live on comfortably after you are gone. Power to you if that’s the case.

[@ColdRunnerGWN]

@@IREFUSE9 - Thank you. Yes, for us it is a small tweak as my health is good and she will only work for 20 hours or less per week. I have a DPP that will pay her 50% when I pass, but my dividends won't change and they will be at least as high as my DPP at 100%. She also has a small DPP, and with OAS she will be set for life.

[@ParallelWealth]

Good to hear Cold Runner. Your early planning is paying dividends.