Author: Vawn Himmelsbach

Janice’s husband died suddenly last year after having a stroke. The couple were a few years away from retirement. Janice, 62, was waiting to claim Social Security at 65 when she’d also be eligible for Medicare benefits.

Her late husband made more money over the course of his career, so he would have received a bigger Social Security retirement benefit. Now she’s wondering if she can collect both his retirement benefit and her own at the same time, or if that would cause problems.

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The short answer is no. Here’s a more detailed look at what Social Security benefits you are entitled to after your spouse dies.

How a spouse’s death impacts retirement benefits

Social Security provides a variety of benefits: retirement, survivors and disability. Retirement benefits include both retired-worker benefits and spousal benefits.

A married couple who are of retirement age are eligible for two checks from the Social Security Administration (SSA):

• either two retired-worker benefits if both partners worked, or
• one retired-worker benefit and one spousal benefit for the spouse who doesn’t have a retired-worker benefit.

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A spousal benefit can be as much as 50% of a retired worker’s primary insurance amount. If their working spouse passes away, the spousal benefit is converted into a survivors benefit.

If you’re a surviving spouse, like Janice, you can claim either your retired-worker benefit or your late spouse’s, but not both.

Similarly, you can claim either a retirement benefit or a survivors benefit, but not both.

You’ll receive whichever is higher, but not the total of two benefits added together.

According to The National Academy of Social Insurance, this may substantially lower a surviving spouse’s income.

That’s because they’re only receiving one monthly Social Security benefit instead of enjoying the combined household income of two benefits — which they could have collected as long as their spouse was alive.

The amount Janice will receive is based on her late husband’s work record and whether he reached full retirement age, which typically falls between 66 and 67 years of age.

You can claim your retirement benefit as early as 62, but your benefits will be reduced by a small percentage each month before full retirement age.

After reaching your full retirement age, you’ll get a monthly bump in your check until you reach age 70.

If a surviving spouse is already getting benefits based on their own work record, they should contact the SSA to find out if they can get more money from collecting survivor benefits.

What you need to know about survivors benefits

About 5.8 million Americans received Social Security survivors benefits in May, including widows and widowers, with an average monthly survivors benefit of roughly $1,566.66, according to the Social Security Administration.

You may be eligible for survivors benefits if you’re the spouse, ex-spouse or child of someone who worked and paid Social Security taxes before they died. To be eligible, you must be 60 or older. Or, you must be 50 or older if you have a disability that occurred within seven years of your spouse’s death.

In some cases, age doesn’t matter. If you care for children from the marriage who have a disability or are under 16, you can also apply for survivor benefits regardless of age.

Another factor is your current marital status. If you remarry before the age of 60 (or 50 if you have a disability), you’ll no longer be eligible for survivors benefits. But remarrying after age 60 won’t impact your eligibility.

Since Janice isn’t ready to retire, she can keep working while she receives a survivors benefit prior to reaching her full retirement age, but her benefit could be reduced if she goes over her earnings limit, which for 2025 is $23,400.

Other family members could also qualify for survivors benefits, including ex-spouses and dependent children. If several members qualify for benefits, you’ll need to keep the family maximum benefit in mind, since exceeding that limit will reduce benefit payments.

If your spouse passes away, you should contact the SSA right away. You’ll receive a $255 lump sum death payment, but you can also discuss your options.

For example, you could start with survivors benefits and then switch to your retired-worker benefit at age 70, when that payment is highest.

But if you’re already receiving your late spouse’s retirement benefit, you can’t apply for a survivors benefit unless the amount will be higher than your current benefit.

There are a lot of factors to consider, so it could be worth sitting down with a financial advisor to crunch the numbers.

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For almost a decade, Joe has worked for the county, pulling in an enviable salary of more than $100K a year. Not only does he have job security, but he also gets generous vacation time, health insurance and a pension.

His friends and family think he’s got it made. But every morning, Joe dreads going to work. He doesn’t get along with his overbearing manager, and the work environment has turned toxic. On top of that, he’s bored. The job is repetitive, and there’s no room to grow within the department.

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To get his full pension, Joe still has 30 years of work ahead of him. He can’t imagine staying in a job he hates for three more decades — but he also wonders if the money and benefits are too good to walk away from.

Joe isn’t alone. Worker engagement hit an 11-year low in early 2024, with only 30% of full- and part-time American employees saying they felt highly engaged at work, according to Gallup’s long-running workplace poll.

So why do they stay? One reason is golden handcuffs — benefits or incentives that make it financially attractive to stick around. That includes pensions, bonuses, stock options and even company cars. Often, you have to stay with an employer for a certain period before you’re eligible for those benefits, which can make some employees feel trapped, especially when they’re already unhappy.

Here are a few tips to help you financially plan an exit from a high-paying but soul-draining job.

Work out your monthly survival number

Start by calculating your bare-bones budget — the minimum you need to cover essential expenses like housing, utilities, bills, insurance, transportation, healthcare and groceries. Don’t forget minimum debt payments and regular savings, such as contributions to retirement.

Once you add it all up, you’ll have your survival number — the amount you need to earn to meet basic living expenses. That number could help Joe figure out whether a low-paying but more fulfilling job could support his lifestyle.

Audit your spending

With your survival number in hand, you can take a hard look at your current spending. That means combing through your bank and credit card statements, digital transactions and savings activity.

Where can you cut back?

Maybe it’s canceling subscriptions or limiting takeout. Or maybe you need to delay a bigger purchase like a new car or home renovation.

If your housing costs are eating up more than 30% of your gross monthly income — the standard threshold for affordability — could you downsize or take on a roommate? It might make sense to make those changes before leaving the job you hate.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Run pension and benefit scenarios

Use free online pension calculators to estimate what you might receive based on your current salary, years of service and retirement age. Try running scenarios: What would your pension look like if you stayed another five, 10, 20 or 30 years?

Many county pension plans allow you to collect a pension even if you leave before retirement age, provided you’ve met the service requirements. Some plans let you transfer your benefits to a new employer’s plan or withdraw your contributions in a lump sum.

You can run these numbers yourself or work with a financial advisor to explore what would happen if you invested those funds on your own. You might find that managing your own retirement plan could leave you just as well off.

Every pension plan is different, so talk to your pension plan administrator before making any big moves.

Build an exit strategy and a quit fund

Even if you’re ready to leave, it’s smart to develop an exit strategy. Give yourself time to build a quit fund and line up your next opportunity.

Start networking, reach out to recruiters and apply to jobs. Depending on your qualifications and industry, it could take a while to find the right fit — but laying the groundwork now makes the transition easier.

Leaving a new job lined up can be challenging, so aim to build a quit fund that covers 6 to 12 months of living expenses. Keep it separate from retirement savings and in a highly liquid account — like a high-yield savings account — in case you need it.

Joe could also look into whether his skills are transferable to another county department or whether upskilling could help him move up. That way, he might be able to escape his toxic manager and find more fulfilling work — without giving up benefits and pension.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Money can be a source of conflict for couples — and it’s not just about who pays for what. In some cases, dynamics can arise that fuel resentment and erode trust.

That’s the case for Taylor, 29, and Hayden, 25, who sought help from Ramit Sethi on an episode of the I Will Teach You To Be Rich podcast.

Taylor is a dentist who earns about $14,600 a month and has a strict savings plan. Her common-law partner, Hayden, makes $2,000 a month as a part-time bartender who “dabbles” in real estate. But it’s not his salary that’s the issue: he has a history of gambling and, for about a year, he lied about it.

While there’s an income disparity between the two, they also have polar-opposite money mindsets. She likes to save; he likes to spend. It’s also given their relationship a ‘mother-son’ dynamic, in which Taylor is the financial provider — a role that she resents.

While they’ve talked about getting married in the next two years, they’re hesitant to get engaged because of their different philosophies around money and the issues this has created.

How different money mindsets can affect couples

When Sethi asks Taylor if she trusts Hayden with money, she says: “Not my money.”

Taylor said she “cannot seem to get over the fact that he will not track his money and be financially responsible.” She’s also “scared of what our future could look like if he doesn’t get a hold of his spending or start budgeting.”

Taylor grew up in a household “marked by instability, financial stress, health issues, even incarceration,” said Sethi. Since her parents weren’t financially responsible, she stepped up and became the parent.

“Now fast forward to adulthood,” said Sethi. “Taylor’s the saver, the contributor. Her partner is unreliable with money just like her parents. And Taylor feels safest when she’s the one in control.”

Hayden, on the other hand, was 16 when his dad passed away at age 42. “Most of the guys that I know who lost their dads early have told me they expect to die at the same age. That belief that he’s going to die early shapes his view of money,” Sethi noted.

Then, Hayden got into gambling — and it “definitely became a habit, an addiction,” he said. When he first moved in with Taylor, he earned $35,000 from a house he sold but then proceeded to blow all of it in about four to five months.

He managed to keep his gambling hidden from Taylor for about a year; he even took out a personal loan just to “continue the lie.” Eventually he came clean and Taylor was “devastated.”

“I never wanted to feel like a man was just living off of me. And that’s exactly what it ended up feeling like,” said Taylor.

Hayden has started therapy and joined Gamblers Anonymous (GA), but “right now, we’re definitely in that mother-son dynamic in our relationship,” he said. “I want that gone.”

When one partner feels like the financial caretaker

A lot of Canadians have financial deal breakers in their romantic relationships, according to a recent TD survey.

Indeed, 71% of Canadians polled would consider breaking up if they discovered their partner was being dishonest about their finances, while more than half (56%) would contemplate a split from a partner with bad spending habits.

“The way one partner manages their finances can have an impact on how the other person views the future of their relationship,” said Nicole Ewing, principal of the Wealth Planning Office with TD Wealth.

“Love and money are often really intertwined because if you can’t trust your partner on money matters, you may want to reassess whether that relationship is the right fit for you,” she said.

Elsewhere in the TD survey, 70% of respondents said financial transparency and responsibility were “crucial factors” in a relationship. And nearly half of those surveyed felt that having conversations about money once or twice a month was ideal.

However, only 41% of couples have had the “money talk” with their partner after moving in together or around the time they get married.

Additionally, an RBC poll found that almost a quarter (23%) of Canadians said that it’s never been more stressful to talk to their partner about finances, with two in 10 (20%) saying their partner “simply avoids talking to me about finances.”

But perhaps one of the biggest issues? The poll also revealed how if couples do talk about money, they don’t always follow through with meaningful action. A quarter (26%) of respondents said that even though they discuss money matters, they don’t know what to do next.

Breaking free requires communication

While there’s something to be said for wanting to help out a loved one who’s struggling financially, there’s often a blurred line between helping and enabling.

Breaking free of this dynamic starts with open and honest communication, which could involve scheduling regular ‘meetings’ to discuss money matters — as opposed to impromptu discussions that could catch one partner off-guard and turn into an argument.

Some couples may even want to consider couples counselling or financial counselling, which can offer professional guidance in a neutral environment.

From there, couples can start to develop a joint financial plan, looking at ways to share financial responsibilities and set shared financial goals for the future — say, if they want to save for a wedding or put a down payment on a house. This plan should also allocate a portion of each partner’s income toward joint expenses.

Sethi’s advice for Taylor and Hayden? They need to “recalibrate” their relationship dynamics. They obviously want to be together, he said, but the question is: “Do we have a powerful enough vision to carry us through those difficult times?”

That means having those difficult conversations about money — and, in this case, Sethi said those conversations should be led by Hayden (so Taylor doesn’t feel like this is yet another financial burden on her shoulders). For example, they can discuss how they’re spending money, where it needs to change and the ways that money could be reallocated.

If they can do that now before they’re married and have kids, it may get easier as both Taylor and Hayden’s family and income grows. But if they can’t, “it’s going to be really hard to change later," Sethi warned.

Sources

1. YouTube: I track every penny. He gambles. Should I marry him?, I Will Teach You To Be Rich (Jul 8, 2025)

3. TD Stories: Here are 3 of the biggest financial deal breakers in a relationship, according to new TD survey (May 12, 2025)

4. RBC: Finances and feelings: Harsh economic realities taking a toll on relationships among Canadian couples – RBC poll (Dec 12, 2024)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

When Austin Mark and his husband, Bryan, moved back to Chicago from the West Coast in 2024, they wanted to buy a house. They also wanted plenty of living space.

They were able to bid on a bigger home, and put down a bigger down payment, because they teamed up with their friends, Nate and Stephanie.

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Together, the friends put down 40% on an $800,000 multi-unit home.

“With what we are each paying, we never could have found something similar separately, even if each couple had something half the size of this house,” Mark told Business Insider.

The couples split the cost of the down payment 50/50 and now have equal-sized shares of the home — with a primary and secondary unit each, along with their own kitchens and bathrooms.

“We hear a lot of people tell us they’ve always wanted to buy a big house with their friends,” Mark. “And we’ve also heard a lot of people say we’re absolutely crazy.”

A ‘shift’ in how Americans are buying homes

Crazy or not, these four friends are part of “a transformative shift in how Americans approach housing,” according to CoBuy, an online platform that helps people through the co-ownership process.

They reflect a growing trend in “non-romantic co-ownership,” or buying a home with non-romantic partners.

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A recent survey by JW Surety Bonds found that nearly 15% of Americans had co-purchased homes with non-romantic partners. Of those, 29% co-purchased a home with parents; 26% with siblings; and, 26% with friends.

Another 48% of survey respondents — predominantly singles and renters — would consider co-buying with a non-romantic partners. The top perceived benefits: sharing costs (67%), affording a better home (56%) and gaining investment opportunities (54%).

The survey suggested the trend is driven by “economic factors and a generational shift in values.” Currently, nearly one in three U.S. households spend at least 30% of their income on rent or mortgage payments and utilities in 2023, leaving little left for necessities like food and health care.

The U.S. Chamber of Commerce says “soaring rents,” a shortage of 4.5 million homes and high mortgage rates are driving a housing affordability crisis.

In a Time article on non-romantic co-ownership, Simmone Shah noted that inflation, increased cost of living and stagnant wages are reducing would-be buyers’ down-payment power.

It’s not surprising, then, that almost a quarter of those who co-bought a home said they “could not have afforded to buy the home otherwise,” according to the JW Surety Bonds survey.

While economics are a strong driver of the co-buying trend, changing attitudes also play a part.

“A generation ago, most Americans would have never considered the idea of buying a home with a friend,” Shah wrote, adding that “many millennials and members of Gen Z no longer view the traditional markers of stability — marriage, children and a white picket fence — as an inevitable or even desirable goal.”

And not everyone who co-buys does it out of economic necessity.

Passive rental income was a big motivator for 65% of the JW Surety Bonds respondents. Other reasons given were to share a property flip, establish a commercial space or buy a shared vacation or secondary home.

How to choose co-purchasers

While co-buying comes with certain advantages, it’s not without challenges. One important early decision is choosing who to partner with.

Respondents to the JW Surety Bonds survey cite “trust in co-purchasers” as the top consideration and “interpersonal conflict” as the top drawback to co-buying homes.

For example, Mark said Nate and Stephanie were “the only people on the planet who we could imagine doing it with. We have a very balanced relationship with them.”

The process involved open and honest conversations about finances and what everybody wanted out of the arrangement.

Once you’ve chosen the right partner, there are still several issues to sort out.

CoBuy, which surveyed co-buyers and co-owners, found six core challenges, including:

• The co-ownership agreement
• Finances, expenses and payments
• Documentation and record-keeping
• Roles, rights and responsibilities
• Exit strategies
• Risk protection

“If you buy a house with other people, it’s important to treat it as a business as much as it is a living situation,” Mark said.

He and his co-owners engaged a lawyer to draft an operating agreement similar to what business partners purchasing property would have.

The couples also hold formal homeowner meetings and make decisions by voting. Each couple is responsible for upkeep and esthetics for their own unit as well as their own taxes and insurance.

Meanwhile, they split the mortgage and expenses for the common areas and yard.

Having their own bathrooms or kitchens helps them lead their own lives — and there’s room to grow within the units if anybody has kids.

“We refer to it as the ‘forever home,’ which might have been a joke at first, but since we’ve gotten in here, it does feel like it’s a very long-term living solution,” Mark said.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Charlotte, 54, was recently diagnosed with Stage 4 cancer, which means the disease has spread to other parts of her body. She doesn’t know how much longer she has, but she wants to get her finances in order while she can.

She’s currently working full-time, however, as her health quickly deteriorates, she’ll be quitting soon. But she still needs to pay the bills (including her medical bills), and she also has two college-age kids to whom she’d like to leave her estate.

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Having an estate plan should be a top priority for Charlotte, especially since she’s terminally ill. Otherwise, your state’s laws may determine what happens to your assets.

Here’s how Charlotte can gain some peace of mind knowing she’ll leave her loved ones financially secure.

Deal with your immediate financial needs

If Charlotte is unable to keep working, she’ll still need an income — and she’s too young to claim her Social Security retirement benefit.

However, she can apply for Social Security Disability Insurance (SSDI), and since she has Stage 4 cancer, she may qualify for expedited processing.

In the meantime, Charlotte could find out if she’s eligible for long-term disability (LTD) insurance through her employer. LTD insurance provides you with a portion of your salary if you can no longer work because of an injury or illness (so long as the injury or illness is covered by your policy).

If you’re accepted for SSDI, it’s possible to continue receiving LTD benefits, but the SSDI may offset and reduce those LTD benefits.

Get your affairs in order

Three out of four Americans don’t have a will, according to Caring.com’s 2025 Wills and Estate Planning Study — so if you don’t have one, you might want to make that a priority if you have a terminal illness. If you do have one, make sure it’s updated to reflect your current wishes.

Your will should specify how you want your property, money and other assets distributed when you die. If you don’t have a will, a probate court could oversee the management and distribution of assets according to state laws — and their choices may not align with your wishes.

Aside from your will, you may want to consider naming a durable power of attorney for finances, in which you designate a person who can make decisions on your behalf if you’re unable to due to illness or injury. You can also name a health care power of attorney, which designates a person to make decisions about your medical care on your behalf if you’re incapacitated.

Charlotte may want to consider a living will, which would specify which medical treatments she wants or doesn’t want if she can’t make decisions on her own. She should also talk to her doctors and loved ones about her wishes in the event of an emergency or at end of life.

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Consolidate your documents

Make sure all of your important documents are in an accessible place — and make sure to tell your lawyer and loved ones where to find them. You should also have copies of those documents in another secure location, like a safe deposit box. Once again, your lawyer and loved ones should be aware of this.

To simplify and streamline your affairs, you could create a “when I’m gone” folder that includes all important information, such as:

• Personal information (Social Security number, birth certificate and marriage certificate)
• Location of your latest will, living will and power of attorney
• Banks and account numbers
• Insurance policies
• Mortgage information and property deed
• Car title and registration
• Credit and debit card account numbers
• List of bills and subscriptions (which will need to be cancelled)
• List of income and assets (401(k)s, IRAs and pensions)
• List of investment income (stocks, bonds and property)
• Latest income tax return
• Copies of medical orders
• List of up-to-date passwords
• Contact information for friends, relatives, doctors, lawyers and financial advisors

It’s important to keep much of the above information out of your will, unless it’s necessary, as wills generally become public record after going through probate.

Review your documents

If you update your will, you’ll also want to update your retirement accounts, insurance policies and annuities — say, if you’re now divorced and want your children to be beneficiaries instead of your ex.

That’s because, even if you name a beneficiary in your will, the beneficiary selections on your retirement accounts, insurance policies and annuities may take precedence over your will. So make sure those beneficiary selections are current.

For some assets, like bank accounts, CD accounts and brokerage accounts, you could set up a transfer-on-death designation so your beneficiaries won’t have to go through a time-consuming probate process to receive those assets.

Make smart money moves

If you want to leave a financial legacy to your heirs (rather than a pile of debt) it’s important to make smart money moves now.

That could include paying down any high-interest debt, such as credit cards, car loans or any other loans or open lines of credit. That could also include simplifying your finances by consolidating your debt (combining multiple debts into one) and cancelling any credit cards or lines of credit you don’t need anymore.

Charlotte may want to consider leaving a monetary gift to her adult children now, which could potentially reduce estate taxes and simplify the settling of her estate after her death. For 2025, the annual gift tax exclusion is $19,000 per recipient, however, the lifetime exclusion limit is $13.99 million — although it’s set to drop drastically starting in 2026.

Estate planning is complex, so it may be a good idea to consult with one or several professionals, such as a financial advisor, estate planning attorney, insurance broker and/or tax professional.

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• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Residents of a Las Vegas senior living complex are urging management to take action on what they’re calling unsafe living conditions.

“We feel overlooked and abandoned,” residents of Acapella Senior Apartments wrote in a letter to corporate property management firm Ovation. In the letter, they complain of lack of security and unsafe living conditions.

Retirement communities typically offer senior-focused amenities and security features, from emergency alarms to gated facilities. But facilities with the highest levels of security are typically more expensive.

With many seniors living on a fixed income — and about six to eight million Americans aged 65+ living in poverty — they may be forced to decide between affordability and security.

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Why Acapella residents are concerned

At Acapella Senior Apartments, residents complained that the handicap button for the front door didn’t work, creating a safety hazard for seniors in walkers, scooters and wheelchairs. They also complained about homeless people coming into the building to use the amenities.

“We’ve got issues with security. We’ve got problems in the parking lot. Cars being broken into or stolen. We’ve got homeless people who try to get in the cars and when they do, they sleep in them,” a female resident, who wanted to remain anonymous, told KLAS 8 News Now. “In fact, I had someone who tried to get in my apartment.”

According to one Ovation employee who wished to remain anonymous, “there’s an extreme amount of neglect when it comes to the elders here,” and addressing complaints was like a “revolving door.”

Following 8 News Now’s report, however, Ovation’s director of LIHTC and compliance, Phyllis Garcia, said in a statement that they’re committed to increasing their on-site staffing.

“While our building has controlled entry and is monitored by security cameras, as well as roaming security guards, we understand that procedures and systems alone are not always enough. Our residents must feel genuinely protected and cared for, and we are actively developing plans to strengthen those protections,” she said.

While retirement communities are generally less expensive than assisted living or memory care facilities, they average about $3,100 a month, according to a 2024 report by A Place for Mom, a senior living advisory service.

The costs of security measures in senior living facilities are typically incorporated into monthly fees.

“Retirement communities often include security services such as on-site security personnel, surveillance cameras and/or gated entrances as part of the monthly fee,” according to myLifeSite, an educational resource for senior living options. Some may also offer in-residence or wearable emergency alert systems.

But these types of security measures come at a cost (such as higher monthly fees), which can be challenging for seniors living on a fixed income. On the other hand, lack of security could impact their sense of safety and peace of mind.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Challenges of living on a fixed income

Many seniors live on a fixed income that comes from Social Security, retirement savings and, in some cases, a pension. While Social Security retirement benefits do get a boost from the annual cost-of-living adjustment (COLA), which provides an automatic increase in monthly benefits to keep up with inflation, it may still fall short.

The COLA for 2025 is 2.5%, so that means a monthly check of $2,000 would increase by $50. But food, utilities, rent and prescriptions are already consuming a large portion of retirees’ income.

With rising costs, many are feeling the squeeze. The cost of food is continuing to rise — food prices in May 2025 were 2.9% higher than in May 2024, according to the Consumer Price Index).

And Medicare is getting more expensive. The standard Medicare Part B premium increased to $185 per month in 2025, from $174.70 in 2024, while the annual deductible rose to $257 from $240).

So even a $25 to $50 increase in monthly housing costs to fund security upgrades (or other unexpected costs) could mean residents have to cut back on essentials like groceries or skip medications just to scrape by.

However, without security upgrades, they could be at physical and financial risk from vandalism, break-ins, theft and violence.

For those looking to move into a retirement community, look for facilities that abide by various safety codes and standards, including those from the International Building Code, the Facility Guidelines Institute, the National Fire Protection Association’s Life Safety Code and the Americans with Disability Act. Ask current residents about their experiences.

For those already in a retirement community and facing the prospect of rising costs, there may be ways to save money. For example, you may qualify for food assistance, as well as help with covering the costs of prescriptions, healthcare and even housing.

The National Council on Aging (NCOA) offers online tools such as Benefits CheckUp (to see if you’re eligible for benefits programs) and Job Skills CheckUp (to help older adults find jobs as a mature worker).

An analysis by the NCOA and LeadingAge LTSS Center @ UMass Boston found that 80% of older adults face financial insecurity. While seniors shouldn’t have to choose between safety and affordability, increasingly that may be the case.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Money can be a major source of conflict for couples, and it’s not just about who pays for what. Sometimes, deeper dynamics can fuel resentment and erode trust.

That’s the case for Taylor, 29 and Hayden, 25, who sought help from Ramit Sethi on an episode of the I Will Teach You To Be Rich podcast.

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Taylor is a dentist who earns $14,600 a month and follows a strict savings plan. Her common-law partner, Hayden, makes $2,000 a month as a part-time bartender who “dabbles” in real estate.

But it’s not his salary that’s the issue. He has a history of gambling and lied about it for a year.

Beyond the income gap, they also have polar-opposite money mindsets. She’s a saver. He’s a spender. That imbalance has created what Taylor describes as a ‘mother-son’ dynamic, with her as the financial provider — a role she resents.

Although they’ve talked about getting married in the next two years, they’ve held off on getting engaged because of the money issues and the tension they’ve caused.

How different money mindsets affect couples

When Sethi asked Taylor if she trusts Hayden with money, she said, “Not my money.”

She added that she “cannot seem to get over the fact that he will not track his money and be financially responsible.” She said she’s also “scared of what our future could look like if he doesn’t get a hold of his spending or start budgeting.”

Taylor grew up in a household marked by instability, financial stress, health issues and incarceration. Her parents weren’t financially responsible, so she stepped up and became the caretaker.

“Now fast forward to adulthood,” said Sethi. “Taylor’s the saver, the contributor. Her partner is unreliable with money just like her parents. And Taylor feels safest when she’s the one in control.”

Hayden, on the other hand, was 16 when his dad passed away at age 42.

“Most of the guys that I know who lost their dads early have told me they expect to die at the same age,” Sethi said. “That belief that he’s going to die early shapes his view of money.”

Hayden eventually got into gambling, which he admitted became a habit; an addiction.

When he first moved in with Taylor, he made $35,000 from selling a house and blew all of it in about four to five months. And he managed to keep his gambling hidden from Taylor for over a year, even taking out a personal loan to “continue the lie.” When he finally came clean, Taylor was devastated.

“I never wanted to feel like a man was just living off of me. And that’s exactly what it ended up feeling like,” Taylor said. Hayden has since started therapy and joined Gamblers Anonymous.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

When one partner feels like the financial caretaker

Nearly one in four couples say money is their greatest relationship challenge, according to the 2024 Fidelity Investments Couples & Money Study. More than one in four say they’re often frustrated by their partner’s money habits, but let it go for the sake of keeping the peace.

Most Americans in relationships — 98% — say financial compatibility is important. And 23% have ended a relationship because of financial incompatibility, according to a LendingTree survey. Another 34% said they would consider doing so.

The reasons vary: 38% say their partner overspends, while 34% say their partner doesn’t manage their finances effectively. It often comes down to communication.

The Fidelity study found that couples who make joint money decisions are more likely to say they communicate well or very well with their partner. Still, 29% of American couples rarely discuss finances, according to the LendingTree survey.

Financial stress can “lead to constant worry, tension and conflict, often spilling over into other areas of the relationship,” according to the Abundance Therapy Center in Valencia, CA. “Financial disagreements can also exacerbate existing issues, as money often symbolizes deeper aspects of trust, security and control in a relationship.”

Left unchecked, this can create “a cycle of avoidance, resentment and increased tension around financial matters.”

Breaking free requires communication

It’s natural to want to support a partner who’s struggling financially. But the line between helping and enabling can get blurry.

The way out often starts with honest communication. That could mean scheduling regular meetings — not impromptu conversations that catch one partner off guard and turn into arguments.

Some couples may even want to try couples counseling or financial counseling to get professional guidance in a neutral space.

From there, they can create a joint financial plan that outlines how they’ll share expenses and work toward goals like saving for a wedding or putting a down payment on a home. Each partner should contribute a portion of their income toward shared expenses.

But it’s not a one-time fix. Couples should revisit their meetings regularly and adjust their plan as needed.

Sethi’s advice for Taylor and Hayden? They need to “recalibrate” their relationship dynamics. That means having those difficult conversations about money. In this case, Sethi said Hayden should take the lead so Taylor doesn’t feel like managing their finances is yet another burden. That means talking about where the money is going, what needs to change and how it could be reallocated.

If they can do that before they’re married and have kids, then they can probably do it even better as their family grows.

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Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

If you’re “medically retired” it means you’ve had to leave the workforce early due to a long-term or permanent disability.

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Since you’re only 54, you probably left your job years before you planned to. A “medical retirement” can come as a major blow since it may leave you short of your planned retirement nest egg — and worried about your future.

You’re not alone.

Indeed, almost six in 10 retirees retired sooner than planned (58%), according to a study by the Transamerica Center for Retirement Studies. In almost half (46%) of these cases, the reason was personal health-related. At the same time, only one in five (21%) retired early because they were financially able.

We’ll consider your options as you look to financially adapt.

Insurance and government programs could help

Most people plan to retire gradually — ideally by choice, in their mid-60s, with solid savings. Medical retirement disrupts that timeline completely, often cutting a decade or more off your working life. That loss of earning years reshapes your entire financial plan.

But you may have some options. Two potential sources of income for those unable to work due to medical conditions are critical illness insurance (CII) and long-term disability insurance (LTD), which you may have through your past employer, private insurance or both.

CII provides a one-time payout if you’re diagnosed with a ‘covered’ illness, as specified in the policy — which typically includes heart attack, stroke and cancer.

LTD insurance pays a portion of your income — typically between 60% and 80% of your monthly salary — if you’re unable to work due to illness or injury. There’s a waiting period of 90 days to a year before your coverage will begin, during which time it’s expected that you’ll be covered by short-term disability insurance.

Once your coverage begins, it may extend until what would be your normal retirement date. LTD might provide coverage for your condition.

There are also a number of government programs for adults with disabilities, such as Social Security Disability Insurance (SSDI). To qualify for SSDI, you’re required to have worked in a job covered by Social Security and to meet Social Security’s definition of disability, which is strict — so it can be hard to qualify.

If you’re still receiving SSDI benefits when you reach your full retirement age, you’ll then switch to receiving your Social Security retirement benefit — but your benefit amount will remain the same.

When you are older than 65, and if you have little income and resources, you could also qualify for Supplemental Security Income (SSI).

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

If you’re disabled, you could also qualify for Medicare even if you’re under 65 — say, if you’ve received SSDI for 24 months or have certain medical conditions. If you receive SSI, typically you’re automatically eligible for Medicaid.

The military has a pathway for medical retirement if you’re deemed unfit to continue your service due to a physical or mental condition. A Medical Evaluation Board and Physical Evaluation Board will determine if you qualify.

The federal government also has a disability retirement program, though it too has strict eligibility requirements. However, it could be an option for federal workers. Other levels of government and teacher pension plans — and, very rarely, private sector employers — may also offer forms of disability retirement.

Making a new plan for the future

You will also need to revisit your retirement plans. You may want to consider working with a financial advisor to ensure you’re optimizing your investments to match your risk tolerance, investing horizon and income needs, as well as to revisit your withdrawal strategies to minimize taxes.

You’ll also need to decide when to start receiving Social Security benefits. You’ll be eligible at 62, but the longer you wait, the higher your benefit amount will be.

You’ve lost a considerable amount of time to build up further retirement savings and will be drawing from your nest egg much earlier than anticipated. So it could be helpful to draw up a new budget and slash discretionary spending wherever possible.

Calculate a safe withdrawal rate — the 4% rule applies for a 30-retirement period, so your annual withdrawals may have to be lower than that.

Moving to a lower-cost state could be a good idea. If you downsize your home at the same time, you may be able to contribute excess home equity to your retirement nest egg.

Your advisor could also help you find sources of income from your existing assets, such as making withdrawals from your life insurance policy.

While it won’t necessarily be easy, you can still live a comfortable life in retirement, even if you’re “medically retired.”

What to read next

• You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.