For Better, For Worse: Communicating About Retirement

A recent survey suggests that many couples are not communicating clearly about retirement goals and strategies, even as they approach retirement age. The couples surveyed were at least 46 years old with a minimum annual household income of $75,000 or at least $100,000 in investable assets.1

Only 41% said they handle decisions on retirement savings and investments together, and 73% disagreed on whether they had a detailed strategy for retirement income. Many couples also disagreed on when they would retire and whether they would continue to work in retirement.2

In general, wives expressed less confidence than husbands about handling retirement-related financial decisions (see chart). This trend is of special concern considering that women often have longer life expectancies than men and may eventually have to make financial decisions on their own.3

Talk It Over

Recognizing and working through these kinds of issues could help prevent unpleasant outcomes. Even if you and your spouse communicate well about retirement, it may be helpful to discuss these basic topics:

  • When each of you plans to retire. Where you would like to live. What kind of lifestyle you envision.
  • Whether either or both of you plan to continue with some type of work.
  • How much income you expect when you retire, your expected sources of income, and your confidence in the amounts they could provide.
  • How well you both understand your investments. Whether you both know where official documents are located and have all necessary account information.

Preparing for retirement can be a major challenge. Making sure you and your other half are in agreement and working toward common goals may help you avoid wasted effort and lost opportunities.

1–3) financial-planning.com, June 29, 2011

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2012 Emerald Connect, Inc.
FFA Family Financial Advocates
Family Financial Advocates®
283 Cranes Roost Blvd., Ste 120
• Altamonte Springs, FL • 32701
Phone: 407-740-5900 • Fax: 407-628-3678
• partner@familyadvocate.net

  Securities offered & supervised through Wilbanks Securities, Inc., Member FINRA/SIPC
  4334 NW Expressway, Suite 222 Oklahoma City, OK 73116  1.888.842.0202

 Financial Planning and Investment Advisory Services Through Wilbanks Securities Advisory an SEC Registered Investment Advisor.

Custody through National Advisors Trust, FSB, Charles Schwab Institutional, Raymond James and RBC Capital Markets Corporation.

Wilbanks Securities has a clearing relationship through RBC Correspondent Services (RBC CS), a division of RBC Capital Markets Corporation, member NYSE/FINRA/SIPC. Our approach is to partner with established companies, tapping into their expertise. Professional trustee services are offered by RBC Trust Company (Delaware) Limited who serves as trustee.

Investments are not guaranteed.Investment objectives,risks, charges and expenses must be considered before investing. Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate so that upon redemption client's shares may be worth more or less than their original cost.Information is available through ADV PT 2 as well as product prospectus.

Investments are not  NCUA Insured. There is no Credit Union guarantee and accounts may lose value.

The Family Financial Advocates Journal , Intellectual Property The Family Values CD &  A Career in Music...How To Stand a Chance, Products offered through  Family Financial Advocates All Rights Reserved "The Professor Fiducio, Dr. Noteworthy, Chef Flavorio Potluck service mark used and owned by FFA. 

My Family Financial Journal copyright Jan. 3, 2005 All Rights Reserved  E-mail contact partner@familyadvocate.net   or call admin. FFA office 407-740-5900

Copyright 2010 FFA Motto All Rights Reserved

National Advisors Trust, FSB is Certified to the ISO 9001:2000 Standard. Certificate #FS 93294 An International Measure of Quality Management Systems and Processes.

*Confidentiality Agreements prevent inclusion of a listing of financial clients.

*Confidentiality Agreements prevent inclusion of some business transition clients.

Financial services and advisory are offered at the Altamonte Springs Office only.

Other FFA locations are Family Business Succession consulting locations.

Privacy Policy