5 Questions Couples Must Ask Before Retirement
What kind of retirement do you imagine? Do you picture taking a long cruise, traveling to international destinations, and racking up the frequent-flier miles? What if your partner is dreaming about a retirement of lazy days spent reading books, watching movies, and visiting the grandkids?
Those retirements are two very different kinds. And if you and your partner can't agree on a version of your after-work years that satisfies both of you, your retirement might be a stormy one.
Fortunately, you can boost the odds that you and your partner will enjoy your retirement years by asking five key questions before you leave the working world.
1. What Kind of Retirement Do You Want?
This is the most basic of questions, but it might be the most important. Couples need to hammer out exactly what kind of life they want to lead after their working years are over.
When you're working, much of your life is planned out for you. You know when you have to be on the job, for instance. If you're raising kids, your weeks are often filled with band practices, soccer games, and gymnastics meets. You and your partner might not even spend much time together during an average week.
But when you retire? That all changes. Those hours in the office are now hours spent at home. You and your partner need to determine what you want to fill those hours with. You might want to travel and take on new hobbies. Your partner might prefer quiet days with favorite books.
The type of retirement you want also impacts how much money you'll need to save. You'll need more money if you plan to travel the globe and less if you picture quiet nights in your existing home.
If you discuss this before retirement, you might be able to work out compromises. Maybe you agree to take two trips a year. Maybe you agree that you'll investigate a new hobby while your partner plows through War and Peace. But you won't be able to agree on anything if you don't first talk about what your ideal retirements look like.
2. Where Do You Want to Live?
Do you want to stay in your current home? Or perhaps you'd like to sell your home and move into an apartment in the middle of downtown? These are both good choices. But you and your partner need to discuss them before you retire. You don't want to be dreaming of a downtown apartment if your partner is making plans for a new sunroom in your current home.
And what about your grandkids? Do you want to move closer to them? Or do you want to stay put? This, again, is another conversation that you must have before retirement.
3. When Do You Want to Retire?
You might plan on working late into your 70s. Your partner might be counting down the days to 67. Make sure you and your partner discuss when you both plan on retiring.
Your partner might expect that you'll both retire at the same time. Don't make it a surprise that you want to retire earlier or later. The timing of your retirement plays an important role in how much you have to save each year to meet your retirement goals. So talk about this choice early and often.
And if you change your mind? Don't keep it a secret from your partner.
4. How Much Money Do You Need?
This might be the most perplexing question of all to couples. It's also the one that couples need to talk about early in their relationship. Couples need to agree on how much money they'll need each year to live a comfortable retirement. If they don't? The odds are high that money issues will be a constant source of tension.
How much money couples need in retirement varies depending on the lifestyles that they want. Couples who want to travel during their retirement will need more money. Those who want to spend their time visiting their grandkids will need less.
Those couples who plan on living in a pricey seniors' center or an urban apartment building will probably need more money than those who plan to live for as long as possible in a home that they have already paid off.
There are plenty of formulas for determining how much money couples should save during retirement. Your best bet, though, might be to meet with a financial adviser who can help you and your partner work through your retirement goals and determine the best way to save for them.
5. Who Will Do What Chores?
You might have been happy with being the home's main cook if your partner worked longer hours. But what about when you are both retired? Will you still want to handle the bulk of the cooking chores then? Maybe not.
It pays to talk with your partner about who will handle the bills, cook the meals, clean the house, and mow the lawn once retirement arrives. The old ways of splitting these chores might no longer make sense after you both settle into retirement.
Again, not talking about this issue could cause tension. You might not be thrilled to serve your partner dinner if that partner spent all day watching TV or reading a book. So don't be shy about the chores conversation. It might be time to work out a new household schedule.
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