3 Potential Retirement Challenges for Married Couples


Filed under: Retirement


Elderly coupleAre you and your spouse on the same page, regarding retirement planning?

NerdWallet recently conducted a survey that uncovered some surprising truths about couples and their retirement plans. For example, 30 percent of couples don’t talk about retirement at all. That might explain why 23 percent of survey respondents said they don’t know how much their partners are saving for retirement.

We all know that communication is the key to a happy marriage, and that rule doesn’t stop at romantic issues. If you aren’t talking about your retirement plans, you might be making one or more of the following mistakes.

Lack of commitment. An alarming 33 percent of the NerdWallet respondents have saved nothing for retirement! Even among those who have begun saving, a lack of communication has led to a lack of commitment to any particular retirement plan. It’s difficult to arrive at a destination together if you don’t discuss where you’re going!

Lack of strategy. Just 39 percent of the couples surveyed were utilizing an employer-provided retirement account, such as a 401(k). The rest were either ignoring this option, or it was not available to them. If your employer does not offer a retirement plan, you can still prepare for the future by opening an Individual Retirement Account (IRA). In fact, you can even fund an additional spousal IRA – a good option when one spouse earns much less than the other, or is not employed outside the home.

Arguments. You and your spouse might have different investment styles, different goals, or diverging opinions on spending versus saving money. While you might believe communicating about these issues is just asking for a fight, the opposite is actually true in the long run. What might be a difficult conversation or a small squabble today, could become a major point of contention in the future if you allow it to fester.

The bottom line is that you and your spouse should be communicating about all financial matters, particularly retirement planning. If you find it difficult to discuss these issues, involving a third party can often be helpful. Call us to schedule an appointment, and we can help you identify your priorities and decide upon savings and investment goals.



Leave A Comment or Question

If you would like more information or have specific questions, please contact us using the following form. We would be happy to assist you.

This information has been provided by a licensed insurance professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting the insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax, trust and estate, or investment advice. Infinite Wealth Advisors is not an investment advisory firm.  Investment Advisory Services provided by NAMCOA® – Naples Asset Management Company®, LLC, a federally registered investment advisor, website: www.NAMCOA.com .