If you’re like most couples, you’ve dreamed big together about how you’ll enjoy your retirement, but you haven’t really addressed the specifics of how you’ll turn those dreams into reality. A NerdWallet survey found that while 76 percent of couples saving for retirement say they’ve discussed general decisions such as what age they want to retire and where they want to live, 30 percent say they don’t talk about how much money they will need to retire.
Communication about financial matters is important throughout your married life, including when you’re ready to retire. As you approach retirement, your money dialogue will evolve. Now, instead of just saving toward retirement, you’re beginning to develop a strategy for how to manage ongoing withdrawals from your portfolio, understanding how you’ll spend your nest egg, and knowing what you need to do to ensure it keeps growing so that it lasts for your lifetime. Discussions will grow to include health-related planning, and preparation for the possibility of one partner outliving the other.
Navigating Retirement Together: Tips to Help Retired Couples
As a CERTIFIED FINANCIAL PLANNERTM, I’ve worked with numerous couples who were entering or navigating retirement. Here are the 10 most important lessons I’ve learned from couples who’ve retired successfully—meaning they have enough money to fund the lifestyle they choose, and a plan in place to sustain themselves financially for the rest of their lives.Read more...