No. of Recommendations: 2

I would run through different scenarios.. what if you both live to old age, what if one of you lives and the other dies, etc. Then you will see that the relative differential of your ages with respect to dying really means you should have term life insurance until your investments get to a high enough level that you could retire. (the term insurance making up for the loss in future savings)

But really, expenses should go down considerably with only one of you alive.. I would come up with budgets for all eventualities, rough ones, and then plan an investment strategy which works for any eventuality. Come to think of it, I should do this myself for my family, good idea.

However, women tend to live to be about 10 years older than men, so your probable death is probably very close to hers. Don't get so wrapped up in your youth that you neglect to notice that in fact she in all probabability may still have a longer life than you ;)

I would buy a house you can afford to pay off in 20 years (which is surprisingly close to one you can afford with a 30 year mortgage), and get a 20 year mortgage. I actually have a 10 year mortgage. Am I bragging? Yes I am bragging I have a smaller house and like it.

I am not sure I totally agree that she gets off the hook of working because she reaches a certain age. Do I get off the hook from working when I reach a certain age? Please tell me I do. Instead, I would look at it as.. you both want to retire in 20 years, how can we achieve this together?

Frankly, your age gap isn't all that huge and almost could be ignored in your planning. My grandfather is happily married to a woman 24 years is junior, and they are both going strong. Historically I think even larger age gaps were the norm.

Good luck,

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