Many couples delay talking about retirement plans, and they can be hard to agree on even if you have begun the discussion.
What is the best way to start?
Make sure that you start the discussion about retirement plans when neither of you is stressed, tired, or upset. Consider beginning to talk about it during a long weekend or on vacation. Instead of making it a stressful topic, bring up the positives of retirement such as free time and a chance to enjoy life. Start on the right foot.
Ask your spouse what they would like to do in retirement. Discuss their dreams of the future as well as your shared dreams. Ask them to imagine what the perfect retirement would look like. Ask them where they would like it to be, who they would like to be around, and what they would like to spend time doing. Think about and discuss what day to day life would look like.
See if you can incorporate both of your dreams into a shared vision of retirement. You may not both have the same vision, but there could be compromises that allow for each person to have at least part of their own retirement plans met. Think about your priorities and make sure to incorporate top priorities for yourself as well as your spouse.
When you are ready to talk money and see about making those dreams a reality, Forbes suggests using a financial calculator as a place to start to see what type of retirement you can afford as well as how much you will need to save or invest to meet your unique retirement goals. You may find that you need to start saving more for retirement but having a shared vision of what your later years will look like may be just the incentive that helps to make that sacrifice more palatable.
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