Welcome to Blue Chip Chats. My name is Gina DiGirolamo, and I’m a certified financial planner. This is the series where we talk through the technical and emotional sides of financial planning to help you make informed decisions about your future. If you like our content, be sure to like and subscribe so you don’t miss the next episode.
Thanks so much for watching! Let’s chat.
All right. Today I’m here with Scott Foret. Scott is a certified financial planner and senior financial advisor here at Blue Chip. Scott, thanks for joining me today.
Thanks for having me, Gina.
Absolutely. Today we’re going to be talking about the more emotional side of financial planning—especially what this looks like for couples when one spouse may be retiring in the next six months to a year, or when they’re beginning that transition into the next stage of their financial journey.
We’ll talk about not only the financial planning side, but also the emotional impact that transition can have on both spouses. So Scott, at a high level, can you give an overview of the emotional side of this planning?
Yeah. It marks a very significant change for most people. You’ve spent your life in a routine—going to work, coming home, fitting in kids’ activities and sports. And all of a sudden, that schedule doesn’t exist anymore.
That’s a big change, and people need some kind of plan for how they’re going to use the time they now have available.
You’ve coached a lot of clients through this stage. From your perspective, what seems to work well—and what doesn’t—both in financial plans and in day-to-day life?
I’d say the most important thing is not flipping the switch overnight and expecting everything to just work out. It takes thought and planning. We suggest thinking ahead about what life will look like financially and non-financially on a day-to-day basis.
It’s important to start having conversations with your spouse about what retirement will look like, what your schedules will be, and how things will change. Financially, it’s also a major shift—you go from having income coming in to spending down what you’ve saved.
On the non-financial side, you may see someone who was working 40 hours a week at a fast pace suddenly not working at all. Maybe one spouse worked and the other didn’t, and now both are retired and home all the time.
That can be a big adjustment.
Right—everyone has their routine.
Exactly. You may be used to having the house to yourself during the day. Suddenly someone’s sleeping in, using the bathroom when you normally do, or preparing meals differently than you’re used to.
It’s a shift in navigating space together, and that comes with challenges.
At the same time, what opportunities come with this transition?
There are a lot of opportunities. You’ve likely been working nonstop and putting things off—saying, “I’ll do that later when I have more time.” Well, now you have more time.
Many clients talk about traveling, which is great and often fills time early in retirement. But you’re not traveling every day. You come home and settle into a new routine.
That’s where hobbies come in, volunteering, spending time with causes you care about, or being more involved with grandchildren and their activities. It’s really a time to reinvent yourself—either with your spouse through shared activities or individually by exploring your own interests.
And it’s important that you’re not together 24/7 all the time.
Exactly. Communication is key. You may try things together—maybe one spouse wants to take up pickleball and the other isn’t interested. That’s okay.
The goal is to find common ground, explore shared interests, and also give yourselves permission to do things independently. You’re still individuals, but now you’re spending more time together, so planning and communication matter.
On the financial planning side, you mentioned the shift from saving to spending. What do you recommend clients focus on during that transition?
We’re fortunate to participate in many retirements as advisors. Our clients experience this once—we’ve seen it many times.
It’s a major mental shift. You’ve spent decades saving and working toward this point, and suddenly that stops. Now you’re spending the money you worked so hard to save.
On paper, that sounds easy. In reality, it can be difficult to spend money on trips or experiences you’ve delayed for years. You have to give yourself permission to do that.
With the right plan and the right advisor, clients can feel confident and supported through that transition.
If you had to give three takeaways for someone who’s retiring soon—or whose spouse is—what would they be?
First, have a plan. Don’t assume everything will feel normal the day after you retire. That plan should include conversations with your spouse about boundaries, expectations, and how you want to spend your time together.
Second, talk with a financial planner early. Don’t wait until the last minute. Prepare years ahead of time and understand the plan in the context of this major life change.
Third, view retirement as an opportunity. It’s a chance to grow individually, grow as a couple, learn new things, and enjoy the reward of all the work that got you here. It shouldn’t feel like a burden.
Absolutely. This is a transition we’ve guided many clients through, but for the individual, it’s often a once-in-a-lifetime experience.
If you or your spouse are going through this life change and have questions, reach out to our team at Blue Chip. We’d be happy to help.
Scott, thanks so much for joining today.
Thank you for having me.
And thanks for watching. Can’t wait to chat again soon.
