What does a “together forever” retirement sound like to you and your partner?
When most of us think of retirement, we imagine spending time with family and friends, while doing things we enjoy, such as hobbies, travel, and exercise. We think about how we are going to financially prepare for this important change in lifestyle. Even years before retirement is on the horizon, we have started preparing for this momentous life change by establishing our goals and the right investment plan to achieve them, and determining the best way to leverage our wealth to enjoy our golden years.
But what many retirees often do not consider is the bigger picture: how do they want their life to look during retirement, and does that vision align with their partner’s? In short, how does a couple intend to use the approximately 2,000 hours together that they would have spent working (40-hours a week X 52 weeks = 2,080)? And what will they do to share that time together now they have come home to be together…forever?
Do you know how you want to retire?
The truth is retirement will be different for everybody. You may opt for a golf club and warmer weather or choose to stay close to home with your family. But when it comes to couples retiring together, even if at different times, what matters most is that couples agree on what their collective vision is.
After partners are together for many years, it’s logical to assume their retirement goals and lifestyle vision are aligned. Unfortunately, this is not always the case. According to a study by Fidelity Investments*, almost half of the couples surveyed could not even agree on when they wanted to retire.
Perhaps your ideals have changed over time or differ in small but important ways. Perhaps you and your partner speak often about retirement plans, but the conversation focuses solely on finances. Maybe as life got busy with careers and children, you never had the time to sit down and have a thorough conversation about retirement with your partner.
Singing in tune: Critical couple communication
How can a couple overcome this important hurdle? First, set your retirement up for success by having proactive conversations together. Use this conversation as an opportunity to ask questions and understand your partner’s point of view.
Considering some key questions may help:
- Is it important that you both retire at or around the same time?
- What does retirement mean to you?
- Do you want to be near family?
- Do you want to live in the same city as you do now?
- How important are amenities in the area?
- Do you have a preference on the climate of where you retire?
- Does retirement excite you, scare you or both?
- Do you want to travel?
- What things do you want to do together?
- Are there hobbies you want to take up separately?
Many may feel a loss of identity as they move on from their careers and struggle to fill the time that was once occupied by work and/or caring for kids. Discussing these types of questions can be helpful during a time marked with big life changes.
In harmony, together: Making the most of your retirement
Retirement is something to look forward to. This can be a time of great independence and freedom, and an opportunity to celebrate all that you have accomplished. This can be a time to strengthen - and even reinvigorate - your relationship. This can be a time to do all the things you always wanted to do but never had the time for.
The first step? Talking to your partner about how you see your retired life together. And, to help ensure a smooth ride through your golden years, your advisor can help ensure that you achieve your retirement financial goals - together.
*2021 Couples & Money Study, Fidelity Investments (May 2021).
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