Retirement Tips – Improve Your Retirement by Improving Communications with Your Spouse?

While Not Easy, It is important for Couples to Discuss Their Retirement Plans

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A survey by Fidelity Investments found that finances and retirement planning are extremely difficult subjects for married couples.

In fact, the survey found that:

  • Only a small percentage of respondents expressed confidence in their partner’s abilities to manage their finances.
  • Less than half of couples make routine financial decisions, such as budgeting and paying bills, together.
  • Only 38 percent jointly discuss their investment and savings strategies for retirement.

No Surprise! It is a Difficult Topic!

The lack of communication in most families may not be a surprise to you. Retirement planning involves: money, illness and death – each of which are among the most difficult topics to discuss. And then the conversation is made even more complex when intertwined with family dynamics and competing priorities.

Worth the Awkwardness

While it is true that many couples muddle through and somehow make their finances work without full disclosure between partners, you may find comfort in knowing exactly where you stand.

Discussing your retirement finances can:

  • Help avoid confusion, hard feelings and family squabbles
  • Give you the opportunity to plan and avoid having to react to a stressful situation
  • Enable you to discover alternatives and compromises
  • Insure that your priorities are met

Try the NewRetirement.com Retirement Calculator as a Guide for Discussing Retirement with Your Spouse.