Retirement and Your Relationship

Retirement-and-Your-Relationship

Whether you are expecting to retire in five, ten, or even 30 years, it is still important for you and your partner to be in sync with every aspect of retirement.

Retirement can be a great chapter in you and your partner’s life. However, if you are not on the same page about how you want to plan for retirement, what it means to you, and how you want to handle it financially, then it can become a stressor.

Here are four steps for you and your partner to take in planning for retirement together.

Learn What You Want to Get Out of Retirement

Do you want to travel? Take up a hobby? Spend more time with your family? Having an idea of what you and your partner want to do in your retirement will help you. It won’t only help you prepare financially to achieve those goals, but it will also help you to have a plan to stay active. Retirement can lead to boredom which can be detrimental to your retirement.

Figure Out the Age You Want to Retire at

Surprisingly enough, this is a question which couples frequently ignore. Some worry about retiring too early and not having enough money, others worry about wasting away their golden years. The earlier you and your partner discuss this situation the better; it will help avoid unwanted arguments and will allow you to be better prepared financially.

Have the Money Talk

Finances can be a sore subject in any marriage. It is important to see the money you and your spouse have as “ours,” not “yours” versus “mine.” Thinking of your money as separate instead of joint funds can lead to one partner trying to dominate the conversation and leave the other feeling taken for granted. These feelings can be detrimental to any marriage and may lead to a depletion of your finances if you are not on the same page.

While it’s fine to have some money kept separate, look at your finances as a whole in order to be in sync when planning your retirement. It is also important to figure out other financial variables such as what happens to your income when one of you passes? Who will you leave an inheritance and how much will it be? What debts do you have left to pay off? Putting these questions off will only cause more stress; the sooner you answer them, the sooner you will be able to enjoy your retirement.

Discuss Social Security Benefits

Before you start receiving monthly social security checks, it is important to consider who will be the “survivor beneficiary.” If you plan accordingly, you may be able to receive a higher benefit based on the spouse with the largest income; that income will then continue for the spouse who lives longest. The lower-earning spouse may also be entitled to spousal benefit while waiting for the higher benefit to kick in. These factors should be discussed between you and your partner, and potentially with your attorney who is versed in social security benefits.

Have more ways for you and your spouse to prepare for retirement? Want to learn more how to better prepare for retirement? Leave a comment below or call us today!

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