According to research done by Fidelity, nearly four in 10 couples don’t agree on the lifestyle they want to have in retirement. Sometimes this discussion gets put off before an efficient financial strategy can be developed. For example, have you and your significant other talked about where you want to live in retirement, and whether that involves selling the family home and moving to something that may be easier to maintain? Perhaps you’d love to retreat to a different part of the country – or move to another country altogether – but are hesitant to bring up such a wild idea with your conservative spouse.
For pre-retirement couples, this is a discussion that should happen to help ensure both partners are on the same page. Sometimes it can help to have a trusted financial professional there to ask questions and mediate the discussion so each partner can freely express their thoughts and opinions.
[CLICK HERE to read the article, “What to talk about with your significant other,” at Fidelity, Feb. 4, 2014.]
[CLICK HERE to read the article, “Tips for couples: How to have the retirement talk,” at USA Today, March 16, 2014.]
Developing an appropriate financial strategy – for retirement or any other goal – can often be a point of contention between couples. We all grow up with different values about finances that are passed on to us by our parents, and some of us might marry someone without ever considering whether we share the same monetary values. Even though some couples may not regularly argue about financial matters, that doesn’t mean they’re always on the same page.
[CLICK HERE to read the article, “Spouses and Their Money: Getting in Sync,” at Squared Away Blog, Dec. 17, 2013.]
[CLICK HERE to read the article, “Budgeting Tips for Couples” at Project Eve, April 1, 2014.]
[CLICK HERE to read the article, “Happy couples can get a big resolution to a big fight; mean talk aside,” at Science Daily, Feb. 12, 2014.]
There are also more serious financial issues that go beyond how to spend the household budget or where to live in retirement – such as divorce. In many cases, divorce can reduce household income for both spouses, since divorce often means they must support two separate households. Unfortunately, divorce among older Americans is on the rise. In 1990, only 1 in 10 people age 50 or older were divorced, but that rate increased to 1 in 4 by 2010.
According to U.S. government statistics, household incomes after divorce drops by about 25 percent for men and more than 40 percent for women. The irony is that while many couples may not effectively talk about finances while they’re married, it’s probably a dominant topic of conversation throughout the entire divorce process.
[CLICK HERE to read the article, “The financial dos and don’ts of divorce” at Fidelity, March 13, 2014.]
Another tender time when couples may steer away from financial conversations is when one begins to experience cognitive decline. This is why it’s important for both partners to have a comfortable relationship with the family’s trusted financial professional, so that he or she may be able to help them address difficult financial decisions throughout the marriage – and beyond.
We’d like to be the trusted financial professional that you can rely on. Please contact us whenever you need help.
[CLICK HERE to read the article, “Many with dementia manage finances” at Squared Away Blog, April 1, 2014.]
Our firm assists retirees and pre-retirees in the creation of retirement strategies that include the use of insurance products.
The information and opinions contained herein are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. It is given for informational purposes only and is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. All clients are encouraged to consult qualified tax, legal and investment professionals before making any decisions about their personal situation.
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