Tuesday, March 31, 2015 - 1:29:01 AM

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Are Couples on the Same Page for Retirement?

Jason: Looking forward to retirement can become stressful for couples, as Greg Lesko of Lesko Financial explains. 

Greg: Maybe you and your spouse spend happy times dreaming of everything you'll do when you both retire.
but are you sure those dreams look the same? It turns out that fewer than half of all spouses plan their retirement together.
And more than a third of those who do discuss it disagree on exactly what kind of retirement they each want. 

Jason: How do differing ideas about retirement cause problems for  couples? 

Greg: Financially, it can be a real disaster. If he's dreaming of a luxury yacht or traveling the world, and she wants to downsize or start her own business, there's a big difference in what income they'll need.

One husband got a shock when he retired and expected his wife to keep on working and she wanted to stop  working, too. Couples need to talk through the details of their retirement dreams. 

Jason: How can they get on the same page? 

Greg: The first step is to tell your spouse what you see yourselves doing in retirement-- separately and together. You'll have to find some way to compromise and agree on a vision.
Next, you'll need to turn that vision into an actual plan and put  dollar figures on it to decide how much you need to save and invest.

And most important, each spouse needs to be actively engaged in  working the plan to make it a reality, including keeping track of the  financial details.

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