As your financial advisor, I can help you determine which gift is appropriate for your partner and strives to most likely leave a dynamic impression that lasts throughout this year and beyond.

There are more ways to express your love to your partner on Valentine's Day besides flowers, candy, or a gift. Consider what you can do before retirement that will help both of you work toward a confident financial future. Here are some financial gift ideas that your partner will love that will show your partner how much you care:

#1- Eliminating your mortgage by retirement. A mortgage is often the most significant monthly expense, and paying it off helps reduce fixed monthly bills during retirement. Paying off your mortgage early may impact your savings reserve and investments but will free up your cash for other things such as travel or healthcare. Other things to consider before eliminating your mortgage payment before retirement:

· The interest rate on the mortgage

· How your taxes will be impacted (mortgage interest deduction)

· Return on your investments if liquidating them to pay off the mortgage

· How will it affect your savings and future cash flow

Why your partner will love this gift- Paying off your mortgage early will help free up money so you can enjoy doing more with the person you love! Start planning your vacations, experiences, and more in your financial plan.

#2- Deferring Your Social Security start date. Social Security retirement benefits increase a certain percentage for each month you delay starting your benefits beyond the full retirement age. However, the benefits increase stops when you reach age 70.

If you take Social Security before your full benefit age, your monthly benefit amount will be smaller, but you may receive it for a more extended period. Delaying your benefits start date can increase your monthly benefit amount, but you will receive it for a shorter period. When you start, the amount you receive determines your benefits payout for the remainder of your life.

When you and your partner decide to take Social Security benefits depends on your situation. If one partner continues to work and one starts benefits or delays benefits, it should be considered in your decision. A financial professional can help you determine an appropriate time depending on your financial situation, health circumstances, and more.

Why your partner will love this gift- Delaying social security benefits provide a more considerable monthly benefit for the remainder of your lifetime. If you pass earlier than your spouse, your spouse will receive your benefit at a higher amount since you delayed your benefits start date.

#3- Starting a staged Roth IRA conversion plan. A Roth IRA conversion plan enables you to transfer money from your Traditional IRA to your Roth IRA to take advantage of tax-free accumulation and distributions, and no required minimum distributions (RMDs), if you are 59 1/2 and the Roth IRA, has been open for at least five years.

Distributions from Traditional IRAs are taxed on the contribution and accumulation at distribution and have an RMD age of 72.

A staged conversion means using this strategy over time to convert from pre-tax to tax-free dollars. This strategy often helps reduce taxes later for those anticipating a higher personal tax bracket in retirement. However, a Roth IRA conversion requires you to immediately pay all taxes due at the time since the converted funds are all pre-tax dollars.

Why your partner will love this gift- Roth IRA owners enjoy tax-free distributions, and since there is no RMD, the entire account can pass to your partner or heirs tax-free. Roth IRAs can be part of a tax-advantaged estate plan strategy, which benefits both of you. Talk to a financial professional if you have questions about a Roth IRA conversion and if it is appropriate for your situation.

#4- Include sustainable lifetime income in your retirement plan. Sustainable lifetime income using various strategies can help mitigate the risk your retirement savings won't last your lifetime. Retirement income sustainability must consider multiple strategies to provide stable income or increases to offset inflation, market fluctuation, and other portfolio risks.

· A financial professional can help you design a sustainable lifetime income strategy that may include these investments in your portfolio, if appropriate:

· Fixed-income bonds

· Fixed indexed annuities

· Dividend-producing stocks

· Fixed annuities

· Other investment strategies appropriate to your situation

Why your partner will love this gift- Sustainable lifetime income starts with planning for the income you need now and the income you need in the future and planning to offset inflation and other risks, so you don't run out of money. This type of specialized financial planning can help you and your partner to feel more secure about living the lifestyle you seek to enjoy throughout retirement.

#5- Creating an extended care plan. Planning for care while you're healthy is essential so that you and your partner know how each wants to be cared for and how you intend to cover the expenses. Elements of a care plan may include long-term care insurance (LTCI), a medical power of attorney document, a medical directive, and other necessary documentation to share with your extended family. Your financial and legal professionals can help you understand the cost of care now and what it may be in the future, draft documentation, and help you determine if LTCI is appropriate for you.

Why your partner will love this gift- An extended care plan provides the documentation that gives your partner, family members, and caregivers permission to make decisions on your behalf and spend your assets for your care. Without a plan, others will have to decide how to pay for and provide care. An extended care plan can help relieve the stress that partners and family may feel when the time comes for your care.

As your financial advisor, I can help you determine which gift is appropriate for your partner and strives to most likely leave a dynamic impression that lasts throughout this year and beyond.