Agreeing about what you want from retirement is crucial.

What does a good retirement look like to you? Does it resemble the retirement that your
spouse or partner has in mind? It is at least roughly similar?
The Social Security Administration currently projects an average retirement of 18 years for a
man and 21 years for a woman (assuming retirement at age 65). So, sharing the same vision of
retirement (or at least respecting the difference in each other’s visions) seems crucial to
retirement happiness. 

What kind of retirement does your spouse or partner imagine? During years of working,
parenting and making ends meet, many couples never really get around to talking about what
retirement should look like. If spouses or partners have quite different attitudes about money
or dreams that don’t align, that conversation may be deferred for years. Even if they are great
communicators, assumptions about what the other wants for the future may prove inaccurate.

Are couples discussing retirement, or not? According to a recent survey by Fidelity, seven in
ten couples say they communicate at least very well with their partner about financial issues.
Couples that do communicate with each other are more than twice as likely to report that they
expect to live a comfortable lifestyle in retirement. They are also more likely to report their
financial household’s financial health as “excellent” or “very good.” 

Be sure to talk about what you want for the future. A few simple questions can get the
conversation going, and you might even want to chat about it over a meal or coffee in a relaxing
setting. Dreaming and strategizing together, even on the most basic level, gives you a chance to
reacquaint yourselves with your financial needs, goals and personalities.

To start, ask each other what you see yourselves doing in retirement – individually as well as
together. Is the way you are saving and investing conducive to those dreams?

Think about whether you are making the most of your retirement savings potential. Could you
save more? Do you need to? Are you both contributing to tax-advantaged retirement accounts?
Are you comfortable with the amount of risk you are assuming?

If your significant other is handling the household finances (and the meetings with financial
professionals about a retirement strategy), are you prepared to take over in case of an
emergency? When one half of a couple is the “hub” for money matters and investment
decisions, the other spouse or partner needs to at least have an understanding of them. If the
unexpected occurs, you will want that knowledge.

Speaking of knowledge, you should also both know who the beneficiaries are for your
retirement plans, workplace retirement accounts, and investment accounts, and you both need
to know where the relevant paperwork is located.
A shared vision of retirement is great, and respect for individual variations on it is just as vital. A
conversation about how you see retirement today can give you that much more input to
prepare for tomorrow.

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This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Citations.

1 – SSA.gov, 2022

2 – Fidelity.com, 2021