Many couples dream of retiring together, but it isn’t always the best—or most common—financial strategy. According to a 2024 financial report, only 11% of retired couples leave their careers at the same time.

In this week’s Money Wisdom Question Series, Heath Grossman, CFP® shares how staggering your retirement dates can often put you in a stronger financial position.

1. Maximize Social Security Benefits

One way to get the most out of your combined Social Security income is to stagger when you and your spouse file for benefits. For example, if one spouse retires early and starts claiming benefits, the other can keep working and delay claiming. This can make for a significantly larger benefit down the road.

2. Boost Retirement Savings with Additional Working Years

The spouse who keeps working can add more years of retirement contributions to an employer-sponsored plan, like a 401(k). This is one of the best ways to maximize your savings. This strategy can even reduce the total number of years you’ll need to draw from your nest egg during retirement.

3. Maintain Access to Employer Benefits

Health insurance is one of the most-valued employee benefits. If both spouses retire before age 65, neither individual will be eligible for Medicare yet. But if one spouse is still working, their employer-sponsored health plan can help cover both partners.

When Retiring Together Might Make Sense

All that being said, there are situations when retiring at the same time as your partner makes sense. If you’re both financially secure and on track to meet your goals, retiring together can give you more shared time.

You could use that extra time to travel, pursue hobbies, or visit more often with family. It can also simplify your lifestyle and daily routine. Ultimately, this is a personal decision that depends on your unique financial situation and goals as a couple.