It happens more often than you might think. A couple will sit down with me to discuss their retirement goals and dreams…and they’ll realize that their visions are very different. One person might picture spending time with their grandkids and volunteering in the garden club, while the other imagines traveling all across the globe. One might want to purchase a second home, while the other is unconvinced. One may think they have enough assets to retire tomorrow, while the other is more cautious.

When these clashes occur, I’m thankful for my background in psychology! It comes in handy when I need to talk these issues through, mediate conflicting visions, and help the pair come to a consensus.

How can you make sure YOU and your significant other share the same (or similar) retirement goals? I suggest taking the following 5 actions:

Talk Early and Often

When it comes to retirement planning, communication is key. Take the time to talk openly and honestly with your partner about where you’re at financially and what you think retirement will look like. Don’t be afraid to talk about the tough stuff like end-of-life care and estate planning. Open dialogue is beneficial for both of you and ensures that you’re both on the same page.

Understand Your Financial Situation

Couples should make sure they thoroughly understand their financial situation, including income sources, debts, assets, and expenses. Have an honest discussion together about what you can both reasonably afford and what kind of lifestyle you want to maintain in retirement. Be realistic about what you can and cannot do, and make sure your goals are in line with your budget. It may not be realistic to stay in luxury villas when you travel, but that doesn’t mean you have to axe travel entirely! Intimately understanding your financial situation is key.

Consult a Financial Advisor

As with many aspects of life, it’s useful for a professional to weigh in. I encourage you and your partner to sit down with an experienced financial advisor to discuss your current financial situation, your retirement aspirations, and any potential risks you may face. It’s important to make sure your financial plan is tailored to fit both of your needs and wants.

Find a Balance

With some guidance, it should be possible to find a balance between you and your partner’s retirement goals. If one of you wants to spend time with grandkids while the other wants to travel in an RV across the country, maybe you can do both. The grandkids could accompany you for part of the trip, or perhaps you decide to take several short trips instead of one long one.

Another example: If one of you wants to move to a warmer climate while the other wants to stay put in the Midwest, maybe you opt to become snowbirds and travel south for a few months out of the year.

Find creative ways to combine your goals and make a unique plan that works for both of you.

Continue to Check In

Once you have a retirement plan in place, make sure to check in with each other regularly. Things change and it’s important to reassess periodically and revise your plan if necessary. This will ensure that your retirement goals remain in alignment and that both of you are happy with how things are progressing.

 

Having different retirement goals can be a tricky subject for couples. However, with a clear vision, realistic expectations, and some guidance from a financial advisor, it’s possible to work through different opinions and come to a compromise. Investing the time and energy now will pay off in the long run and ensure that both of you are both on the same page for retirement.

Leave a Reply