Having a shared vision of retirement is wonderful, but it’s equally important to respect individual variations. With that in mind, when is the last time you and your partner discussed what you want your retirement to look like? Having a similar vision or respecting each other’s differences is crucial to ensure a happy retirement.
According to U.S. Census Bureau, the average retirement lasts about 18 years for men and women.1 Imagine spending nearly two decades at odds with your partner’s idea of what your golden years should be. Your time is precious, a notion that becomes more crystalized as you age. Wouldn’t we all like to spend our time getting the most out of our relationships?
Unfortunately, it is more common than not for couples to put off or completely neglect talking about what retirement should entail. Work, parenting, and life’s responsibilities have a bad habit of taking our attention right up until a life transition becomes an immediate need. According to Prudential, one in five couples over the age of 40 have avoided discussing their retirement plans in the last five years while one in ten have never discussed it.2 Shockingly enough, it’s not just retirement planning that couples avoid discussing – Prudential’s research found that couples avoid discussing their finances all together!2
If you haven’t already, start the conversation about your retirement dreams with your spouse by asking each other what you envision for your individual and shared retirement.
- Discuss whether your current saving and investment strategies align with your dreams.
- Assess if you could be saving more (Who doesn’t want to achieve a goal ahead of schedule?) and if you both contribute to tax-advantaged retirement accounts.
- Consider if you’re comfortable with the level of financial risk you’re taking. If you are curious about your risk tolerance, we encourage you to download our free Risk Tolerance Questionnaire. This resource is designed to help you determine the best asset mix for an investment based on the level of risk you are comfortable with.
If you and your spouse find yourselves facing uncertainties or challenges while talking through your current investment strategies and risk levels for retirement, consider seeking guidance from a financial professional. At Prime Capital Investment Advisors, our advisors can serve as a valuable sounding board, helping you both navigate through complex financial decisions and aligning your retirement visions. Our expertise can provide clarity, confidence, and ultimately lead you towards a more secure and harmonious retirement future. Let’s talk! 1.800.493.6226
Sources
1 https://www.fool.com/retirement/2018/02/24/heres-the-average-length-of-retirement-will-your-m.aspx
2 https://www.actuarialpost.co.uk/article/couples-neglecting-retirement-conversations-5658.htm
