Money Conversations Every Couple Should Be Having in Their 50s

As a financial advisor with over 25 years of experience, I’ve had the privilege of helping countless couples navigate their financial journeys. And while the month of February brings Valentine’s Day, typically a time for romantic gestures and grand declarations, this year, I want to share something that may not seem romantic at first glance—money conversations.

Trust me, though—these conversations are the foundation of a solid partnership, and they’re just as important as any heart-shaped box of chocolates. In your 50s, it’s important to revisit and align your financial goals, particularly as retirement and other major life changes loom closer. The more open and proactive you are about these discussions, the better positioned you'll be for the next chapter.

So, here are some of the key money conversations I recommend every couple have in their 50s. I’ve seen firsthand how these discussions can help couples build better financial plans that truly support their goals, so I’m sharing this to help you do the same.

1. Retirement Savings: Are You On Track?

By the time you hit your 50s, retirement is no longer a far-off thought. You might feel like there’s still time to catch up, but the reality is—retirement is coming fast. ?It’s getting closer, and now is the time to really assess whether you’re on track or not. You need to ask yourselves some tough questions now – and make sure you’re on the same page with each other.

Questions to ask each other:

• “What are our retirement goals—do we want to keep working for a few more years, or do we want to retire sooner?”
• “Have we been contributing enough to our retirement accounts, and should we be saving more?”
• “Do we need to make adjustments to our investment strategy to ensure we’re on track?”

2. Where Do You Want to Live?

This one’s big. Your 50s are a time when many couples start to think about the next phase of their living situation. Perhaps your children are about to graduate from high school and you’re thinking about downsizing your house or even moving somewhere new. Even if it’s not something you want to do right now, you may want to consider if you’d like to move again in the next few years or after retirement and begin planning for that. Whatever you decide, it’s a major life shift and can have significant financial implications.

Questions to ask each other:

• “Do we want to stay in the house we have, or do we want to move to a different location when we retire?”
• “How much will it cost to sell our current home, and what will we need in our next home?”
• “What are the financial implications of moving—will it be more affordable to live in a different area, or will that increase our costs?”

3. How Will You Handle Healthcare Costs?

Healthcare is one of the biggest expenses in retirement, and in your 50s, it’s time to get realistic about it. Medicare isn’t available until you’re 65, so you’ll need to plan for the gap in healthcare coverage between retirement and Medicare eligibility. And even then, healthcare costs can add up fast.

Questions to ask each other:

• “What will our healthcare costs look like in retirement, and how will we pay for them?”
• “Are we on track to cover the costs of long-term care if we need it?”
• “Do we have a plan for the healthcare gap between retiring and being eligible for Medicare?”

4. Support for Aging Parents: What Does That Look Like?

If you’re in your 50s, you may already be dealing with caring for aging parents, or it might be something that’s coming up soon. The reality is, caring for parents can be expensive, especially if they need help with healthcare or daily living activities. It’s tough to have these conversations, but it’s crucial to get on the same page with your partner about how you’ll handle it financially.

Questions to ask each other:

• “What will it cost to help care for our parents, and how can we budget for that?”
• “Are we both on the same page about the level of support we want to provide?”
• “How can we make sure that helping our parents won’t derail our own financial goals and retirement plans?”

5. Debt: Are You Carrying Any, and How Will You Pay It Off?

By now, many couples in their 50s are looking to become debt-free as they approach retirement. Do you have a mortgage that’s still hanging over your head? What about credit card debt or student loans for your kids?

If you’re carrying debt, it’s time to figure out a plan to pay it off. Having a clear strategy to get rid of debt—especially high-interest debt—will free up cash flow for your retirement savings.

Questions to ask each other:

• “What debt do we still have, and how quickly can we pay it off?”
• “Should we focus on paying down our mortgage or clearing credit card debt first?”
• “How can we free up extra cash flow to put toward savings?”

6. Investment Strategies: Is Your Portfolio Ready for the Future?

By the time you’re in your 50s, your investment strategy should be evolving. You may not want to take on the same risks you did in your 30s or 40s, but you still need your investments to grow to support your retirement.

Review your portfolio to make sure it’s aligned with your risk tolerance and goals. Now’s the time to make any necessary adjustments so you’re set up for the next decade and beyond.

Questions to ask each other:

• “Is our investment strategy still aligned with our goals, or do we need to adjust it?”
• “Should we reduce our exposure to stocks or increase our bond holdings as we near retirement?”
• “Do we need to talk to a financial advisor to rebalance our portfolio?”

7. Estate Planning: Have You Updated Your Will and Trusts?

Estate planning is crucial at this stage of life. Have you updated your will recently? What about your trusts, powers of attorney, and healthcare directives?

While you might not be thinking about leaving an inheritance yet, your estate plan should be updated to reflect your current wishes and ensure that things are in place in case something happens to either of you.

Questions to ask each other:

• “Do we need to update our wills or trusts to reflect any life changes?”
• “Have we discussed our end-of-life wishes, and are those documented?”
• “Are we clear on who will handle our financial and healthcare decisions if we can’t?”

8. Social Security and Pensions: When Will You Start Taking It?

Social Security may feel far off, but how and when you start taking it can make a big difference in your financial plan. Do you know when you both want to start taking Social Security benefits? If you have pensions, how will they fit into your retirement income strategy?

Having a plan for when to begin these income streams is a key part of your overall retirement strategy.

Questions to ask each other:

• “When do we want to start taking Social Security benefits—at 62, full retirement age, or later?”
• “Do we have any pensions, and how will those affect our income in retirement?”
• “Have we factored Social Security into our retirement plan, and does it line up with our goals?”

9. Charitable Giving: What’s Your Plan for Giving Back?

Giving back to charity is often something couples in their 50s start thinking more about. If you’re considering charitable giving in your retirement, how will it fit into your overall financial picture?

Whether you want to leave a legacy or simply increase your charitable giving, having a plan is important. After all, generosity is part of a well-rounded life—and a well-rounded financial plan.

Questions to ask each other:

• “How much do we want to give to charity each year, and how can we make it part of our financial plan?”
• “Should we set up a donor-advised fund or other giving vehicle?”
• “What kind of legacy do we want to leave, and how will that impact our financial decisions?”

10. What Are Your Hopes and Dreams for the Next Chapter?

Money isn’t just about numbers—it’s about making sure your financial plan supports the life you want to live. Whether it’s traveling, spending more time with family, or starting a business, it’s important to talk about the lifestyle you both envision for your retirement years.

Aligning your financial plan with your dreams will help you create a retirement that’s truly fulfilling.

Questions to ask each other:

• “What do we want our retirement to look like?”
• “What are our biggest dreams for the next chapter of our lives?”
• “How can we make sure our financial plan aligns with those dreams?”

Though talking about money isn’t always a fun thing to do in relationships, I would encourage any couple in their 50s to start having these conversations. By having these talks now, you’ll set yourselves up for a more stable, enjoyable, and stress-free retirement. Trust me, I’ve seen time and time again how important it is for couples to be on the same page financially.? So please, take the time to sit down, have these discussions, and make sure your financial plan is working for you. You’ll be glad you did.

If you need help getting started or want a second opinion on anything you discuss, please don’t hesitate to schedule a complimentary financial consultation with me. I’d be happy to talk.

Please Note: The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Jeffrey A. Green and not necessarily those of Raymond James. Every investor's situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

Credit: Some content was created with the assistance of artificial intelligence (AI). While efforts have been made to ensure the quality and reliability of the content, it is important to note that AI-generated content may not always reflect the most current developments or nuanced human perspectives.

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