I’m 56 years old and worth $3.4 million. I am semi-retired, but my 64-year-old spouse has no savings. How can we move forward?

I plan to complete my final college tuition statement later this year. I have no credit card debt, own a car, but have a $325,000 mortgage on my home at 3.5% interest. The house costs $800,000.

I recently got married and have a prenuptial trust, trust, will, and other related documents. My spouse, who is 64, is also semi-retired and already receives Social Security widower benefits of about $1,400 a month. He has no savings whatsoever.

We live on about $9,000 a month from our small business and my spouse’s part-time job. My question is, are we spending too much money and should I start thinking about cutting back on my spending so that the money I worked so hard to earn will last me the rest of my life??

Do you have any questions about your super? Please email us at HelpMeRetire@marketwatch.com.

see: I’m 76 years old and have $73,000 in my investment account, which hasn’t increased once in two years. Should we give up the 50/50 strategy?

Dear readers,

First, congratulations. Living as a working and single mom is difficult as it is, but it’s really great to have made a fortune while doing so.

It sounds like you’ve done quite well with your savings and investments, a house, a small business, and no credit card debt. Mortgages are often not considered “bad debt,” unless, of course, you have taken out too much on your home loan or cannot live comfortably on your income. But I don’t think you’re in that situation. .

We can’t tell you if you’re spending too much money. In part, it’s because I don’t have all the pieces in front of me to see your entire financial picture. But I can tell you some ways you and your spouse can spend your money and decide whether or not you should.

This may sound elementary, but it actually involves looking at cash inflows and outflows. Focus on the short term at first, then try this exercise for the long term. Write down all your absolutely necessary expenses during the month, such as mortgage, utilities, taxes, insurance, groceries, etc., and compare them to your monthly income.

If you have a bi-annual bill, you want to divide the total cost to see what your monthly costs are. For example, if you have a car insurance bill of $1,200 every six months, that would be $200 per month. Then, I write down my monthly budget as if I were paying it because I hate having to pay a big bill when I know it’s something I can plan for in advance.

Next, add in monthly expenses for things you truly enjoy, like gym or golf course memberships, subscription services, or a weekly trip to your local café for your favorite latte. No, it doesn’t. necessary But you worked hard for your money, and you should be able to have fun with it. Make sure you use your gym membership and subscription.

Planning for the Unexpected

Add items to your budget to save. Even if you have accumulated a small fortune, you never know when something unexpected may happen. Having as much extra cash as possible to protect yourself and your family is a blessing.

Do the same now for your projected future budget. For example, you mentioned that your spouse receives widower’s benefits. Will things change when he reaches retirement age? When does he expect to assert his interests, and what will that look like? When are you planning to move out of your small business? So how will this affect your income? When are you going to make your last mortgage payment, and how much money will that save you on your expenses?

I’ve given you a lot of questions, but those are just a few of the things you should ask yourself and your partner to determine whether you’re spending too much money now or if you’ll be able to manage it later. Life. Creating a list of questions and answers can help you determine if you need to adjust your current spending.

For example, how do your current expenses compare to your projected income, and do you feel comfortable that you can maintain your current lifestyle with income outside of your retirement savings?

Here you can also see how much of your retirement savings you need to withdraw each year to replace lost income. A qualified, trusted financial planner can help you make sense of these numbers if they seem a little overwhelming.

But let me tell you a not-so-big secret. You’re probably not the only one who thinks so. Retirement planning is not the simplest endeavor!

Comfort really plays a big role here. Not only do you not want to keep your assets locked up forever to never utilize your hard work, but you also don’t want to reduce them too quickly considering you need them to prolong both lives.

And while you’re calculating these numbers, talk about every possibility you can think of with your spouse, including what your expected income and expenses will be if he or she dies before you, or vice versa. If it helps, try having this conversation over your favorite beverage. It’s not an easy conversation, nor is it a quick conversation, so talk comfortably.

Reader: Do you have any suggestions for this reader? Add it in the comments below.

Do you have any questions about your super? Please send an email to: HelpMeRetire@marketwatch.com