The first is adequately providing for a surviving spouse/partner. While this can be accomplished in different ways depending on circumstances, there is absolutely no excuse for leaving a survivor with financial stress, none.

For our part, Connie has survivor annuities from my pensions, Social Security, life insurance covering two years expenses, her own very small annuity, income from our investments and the portfolio itself.

Needless to say, the age difference between partners is a factor in any strategy.

The second issue is leaving a legacy for family- children and grandchildren. There are different opinions on this one ranging from “they need to make it on their own” to mine which is to the maximum extent feasible, give them a helping hand. However, this does not mean depriving yourself or adversely affecting a retirement lifestyle.

Even the super rich have unique views. Buffett says he will leave enough so his children can do anything, but not nothing. Gates will leave his children 1% of his assets – gee only about $1 billion. Hope they don’t feel deprived.

Legacy is very personal. If that is a goal, should it be delayed as an inheritance or given before? I tend toward the former just for our protection such as in the event of expensive inpatient LTC – even though we both have some LTC insurance, but we compromise.

We fund grandchildren’s 529 college plans now. We share most of each RMD between our children and charities, plus occasionally provide other help as needed. Connie and I differ a bit on how much, if anything, we should leave directly to grandchildren-yet to be resolved.

The issues can be complicated, can be difficult to think about, but doing so is really important.

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