When you see online ads or TV commercials about retirement planning, do they ever show baby boomer couples arguing? No. After all, retirement planning is about the pursuit of a happy outcome – a fun and emotionally rewarding “second act” that spouses and partners can share.
Realizing that goal takes communication. As you approach retirement, you may not be who you were at 30 or 50. You and your significant other may want different daily lives once you retire. This is a frequently ignored reality in retirement planning.
In preparing to retire, you might want to consider your individual preferences and differences when it comes to the following factors:
How you spend your days. What does a good day in retirement look like to you? What does it look like for your spouse or partner?
Social engagement. How much time do each of you want to spend working, volunteering, or socializing?
Your health. If you contend with serious health issues, you may define a “good day” in retirement much differently than your spouse or partner does.
Your spending. Where will your retirement income go? What will it be spent on besides basic living expenses?
Your time alone. Some couples build businesses together or work in the same office or practice for years; others spend just a few hours per day around each other, for decades. In retirement, you will likely be around each other for more hours of the day than when you worked. You will need to decide how much “me time” you need.
Your roles. Have you done most of the cleaning around the house? Or tackled most of the home improvement projects? Should it remain that way in retirement?
To some extent, your spouse or partner’s vision of retirement will vary from yours. It could vary 1% or it could vary 99%, but some variance is almost certain. Understanding the following three truths can help avoid any discord.
1 – forbes.com/sites/forbesfinancecouncil/2017/05/15/retirement-its-not-as-simple-as-it-used-to-be/ [5/15/17]
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