Preparing for retirement brings many challenges and requires new ways of thinking. This is doubly true if you are married or partnered and heading into retirement together! You’ll have additional strategic challenges, greater opportunities, and a wider variety of potential solutions and tools than your single peers. So, what are some things that can help you prepare for retirement with your significant other?
Communication is Key
What do you truly and sincerely want out of retirement? If you haven’t asked yourself this then now is the time to start. Consider how you will spend your time. What will replace the 40+ hours a week you now have? Does your partner know what you’re considering?
If so, what do they think of it and how does it align with their vision of retirement?
Communication is one of the most important things when it comes to retirement planning as a couple, and asking these questions can be a great place to start when it comes to bridging what may be an unknown gap in perspectives on your golden years.[1]
Your Differences Matter
Not every couple is going to have the same retirement timeline or wealth situation. It may make sense for you to retire earlier than your spouse or vice versa. It’s important to think about what this might mean for your plan together. How will your transition into retirement affect how you handle expenses as a couple?
Similarly, what kinds of plans will each of you need for long-term care and medical insurance? Are you going to share a plan, or should you consider separate plans? Medical costs are likely to be a big determinant of your retirement success and careful planning is needed.
There is a lot that goes into retirement planning, and these questions only scratch the surface. It can be easy to write off retirement planning and assume that you and your spouse will need all the same things. But everyone is different, and you may need to consider a more complex plan tailored to each of your needs.
Seek Guidance
If you realize that retirement planning with your partner is more complex than you thought, then reach out to us to help get the conversation started. Finances are a huge and potentially thorny topic, and if you’ve ever fought about or struggled with money conversations in the past then diving in may be hard. We can help. Call us and schedule a no cost/no obligation consultation and put your retirement plan in motion!
Carmichael Hill & Associates, Inc. is a U.S. Securities and Exchange Commission Registered Investment Advisory firm. Registration does not imply that the SEC has endorsed or approved the qualifications of Carmichael Hill or its respective representatives to provide any advisory services. Advisor does not render or offer to render personalized investment advice or financial planning advice through this medium. Advice can only be given after:
Delivery of a disclosure statement by advisor to client.
Execution of our Investment Advisory Agreement between the client and the advisor.
Initial payment of the planning fee or investment advisory fee by the client to the advisor.
Advisor will not solicit or accept business in any state in which she or he is not properly registered or otherwise qualified to conduct business by virtue of a state “de minimis” exemption.
DISCLAIMERS
The information in this web site is based on data gathered from what the Advisor believes are reliable sources. It is not guaranteed as to accuracy, and does not purport to be complete and is not intended as the primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. The identification of specific funds and model portfolios is being made on the assumption that the investor would participate in that investment or portfolio on a long-term basis and only after consulting with their investment advisor to determine their needs and tolerance for risk. With respect to any such identification, there can be no assurance that the fund or model portfolio will in fact perform in the manner suggested.
The results do not represent actual trading due to the timing of the clients’ trades and their trading costs. They may also not reflect the impact that material economic and market factors might have had on the advisor’s decision making if the advisor were managing the clients’ money. Investment and portfolio results may be different than the results the advisor’s discretionary clients achieve due to the timing of trades and the market conditions.
All references that might be made to an investment or portfolio’s performance are based on historical data and one should not assume that this performance will continue in the future.
LINKS DISCLAIMER
At certain places on this Carmichael Hill & Associates, Inc. Internet site, live ‘‘links’ to other Internet addresses can be accessed. Such external Internet addresses contain information created, published, maintained, or otherwise posted by institutions or organizations independent of Carmichael Hill & Associates, Inc. CHA does not certify, endorse or control these external Internet addresses and does not guarantee or assume responsibility for the accuracy completeness, efficacy, timeliness, or correct sequencing of information located at such addresses. Use of any information obtained from such addresses is voluntary.
