Besides the obvious romantic benefits, being in a relationship means you have double the power to tackle those difficult tasks in life, like preparing for retirement. However, new research shows that the majority of couples don’t team up effectively to plan for their golden years, and are almost as unprepared as the rest of America.
Whether you’re also under-prepared for retirement as a couple, or just want to step up your investing game, here are some smart retirement tips for couples:
Figure out your needs together
Research shows that many couples naturally gravitate to the more exciting aspects of retirement planning, such as discussing when they want to retire, or where they’d like to move in retirement. While discussing those aspects is all well and good, one of the most overlooked retirement tips for couples is to discuss and anticipate retirement needs. For instance, once you’ve decided on a retirement destination, you should start weaving those costs of living into your retirement budget. Remember, the earlier you start planning for these costs, the easier it will be to cover them.
Have open and honest communication
Another issue plaguing couples financially was the lack of back-and-forth communication. The study also found that while some couples did in fact begin saving for retirement early, many left each other in the dark. This not only can lead to misaligned retirement goals, but can be a dangerous precursor to financial infidelity and abuse.
I cannot stress enough how open and honest financial communication needs to be a vital part of any relationship. If you haven’t done this already, a great way to begin is through a financial date-night, and letting it snowball from there. It might be a sticky subject at first, and not one many open with open arms, but you’ll be a stronger, more successful couple when you open up to each other financially.
Utilize the right financial advisors
At LexION Capital, one-sided financial conversations will never happen at our firm. As a woman-owned fiduciary firm, we ensure that both partners are always sitting on the same side of the table when it comes to financial success. If you’d like to learn more about our process, and find out more retirement tips for couples, don’t hesitate to call us today.
