Retirement is supposed to be the “golden years” – think relaxing on the beach, not bickering over bills. Yet money conflicts can intensify as couples transition into this next phase.
Research shows finances are the number one source of arguments for many older couples.
Money fights are significantly more prevalent among older couples as well, a study from Harris Interactive shows. While only 15 percent of couples between 18 and 34 years old said finances trigger arguments, more than one-third of couples age 55 to 64 admitted to having “money fights.”
But it doesn’t have to be this way.
With some effort and understanding on both sides, you can avoid hashing out your 401k over piña coladas. As a financial advisor, I want to offer solutions to help partners see eye-to-eye on money in retirement.
Be Understanding of Differing Priorities
One spouse may want to travel more, while the other feels it’s important to leave an inheritance. Open communication about values is key – make an effort to understand your partner’s perspective.
Compromise is Critical
Give-and-take allows you both to feel your needs are met. Maybe you downsize your home while keeping a vacation fund. Or conservatively invest most of your savings while allocating a small portion to higher risk. Sometimes you have to meet in the middle.
Focus on Your Shared Vision
Remember, this is a shared future. Create an exciting retirement plan together that supports your mutual dreams. A great financial plan can help guide you in building a retirement roadmap you’re both enthusiastic about.
The goal is to have positive, ongoing money talks so you can ultimately avoid tension and enjoy your time together. My door is always open when you need financial advice for a peaceful retirement.
With understanding and teamwork, your golden years can truly shine.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Securities and advisory services offered through LPL Financial, A Registered Investment Advisor. Member FINRA/SIPC.