Money and Couples (Part 2 – Discuss Retirement)

It’s important that you discuss retirement planning, and the sooner the better. You’ll need to find out what’s important to you and your partner such as; What age do you want to retire? How do you want to live? Do you want to travel? Do you want to live near kids and grandkids for the entire year, part of the year, or that’s not important? Do you want to downsize?

After you’ve each written down your ideas of how retirement looks, you can determine a plan to get there. If you both are mostly along the same lines, the plan will be easier to make and implement. If you’ve got disparate ideas, you’ll need to spend some time together to get closer and you’ll probably need to compromise with each other.

Determine if you’re saving enough to meet your goals. There are a variety of online calculators, and you could probably use multiple ones to get the best picture possible. How does social security figure into your plan? Will you both be retiring at the same time?

If you have 401(k) matching offered through your employer, you’ll want to put at least as much into the plan to get the full matching since the company’s share is free money. It’s best to think of you and your partner’s retirement funds holistically so you don’t overexpose yourselves in one area or not take enough risk. If your retirement funds along with social security don’t look like it’ll be enough.

If the retirement planning process seems too overwhelming to you, you can always consult with a financial planner to guide and help you with the process. You will still have to do your homework, but a financial planner will be able to work with you when conflicts arise and run your plan through multiple options for the best plan possible.”