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Are You and Your Spouse on The Same Page About Retirement?
Retirement is one of the most important financial goals for many married couples. It’s something you may dream about and work hard to reach. But, even if you feel like you are on track in terms of meeting your financial objectives, there is an equally important factor to consider – are you both on the same page about your vision and plans for retirement?
For example, what if your ideal experience in retirement is to travel, but your spouse is looking to stay local to be near family. Have conversations in advance of retirement to make sure you and your spouse are on the same page.
Planning is critical
The years leading up to retirement are an important time to compare their ideas and see if there are any obvious conflicts. Among the different topics to address:
Try to find middle ground
Don’t be alarmed if you and your spouse don’t have the exact same idea of how retirement should work for you. It isn’t unusual. What’s important is finding ways to come to an agreement. That may mean each side has to give a little to make it work.
Flexibility is also key. Once the reality of retirement sets in, either person’s viewpoint might change and that could affect your decisions. Be prepared for the potential that a medical event could alter your plans, as this is more likely to be a factor as you grow older. Your financial circumstances are also always a consideration. Have a discussion with your financial advisor about your retirement plans and try to have an agreed-upon strategy in place before you wrap up your working years.
Thomas R. Pasta, CFP®, is a Private Wealth Advisor with Trident Wealth, a private wealth advisory practice of Ameriprise Financial Services, Inc. in Annapolis, MD. He specializes in fee-based financial planning and asset management strategies and has been in practice for 21 years. To contact him call his office at 410-224-7581 or visit their website at www.tridentwealth.com. Their office is located at 711 Bestgate Rd. Suite 201 Annapolis, MD.
Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser.
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