Resources > News>5 Money Discussions Couples Should Have Before Retirement

5 Money Discussions Couples Should Have Before Retirement

Before you and your spouse reach your retirement years, some financial discussions need to be had.

retirementTo avoid unnecessary financial stress, here are 5 of the most important conversations you need to be had before you enter retirement.

The most obvious is how lavish a lifestyle do you wish to have in retirement.

Do you want to travel the world or stay at home and just be with family?

Another important point is agreeing on where you will live. Do you want to stay in your current house, downsize the size of your dwelling, or relocate entirely to a different climate?

Also, you may want to discuss if either of your plans to take on temporary work in retirement and what effect that would have on your financial outlook.

And finally, you will need to discuss creation and maintenance of an emergency fund to help cover you both in the case of unplanned expenses, especially issues related to health.

Key Takeaways:

Before retiring, it’s important to talk to your partner to ensure you both are on the same page regarding your mutual expectations.

Assuming one of you wants to travel Europe, while the other envisions picnics with the grandkids, compromise will be needed, as the finances are radically different for these distinct visions.

It will become vital to creating a new post-retirement household budget, referencing all relevant sources of monthly income.

Is retirement for you and your spouse just a few years away? Maybe you’re both eagerly awaiting the days when you no longer must commute to work, sit in long meetings, and turn in reports.

Source: Kiplinger

Sunwest Trust does not sell financial assets or provide tax or financial advice. The info presented is for educational purposes only. Please seek a licensed financial planner or competent tax professional for specific advice about your specific investing needs.
Terry White

About Terry White

I started my business career after getting my degree in Accounting from the University of New Mexico in 1983. My first job was as a controller for a local title company, and in 1987 I started First Financial Escrow, Inc. Over the years I played a part in several startup companies including First Financial Equities, Inc., First Financial Trust, Inc., First Financial Marketing, Inc. and Asset Ventures, Inc. In 1997 First Financial Escrow, Inc. was able to purchase the escrow accounts from Sunwest Bank and changed its name to Sunwest Escrow. As the market changes, Sunwest has grown and changed along with it. Besides my wife, Sheila, we have three boys, two daughters-in-law, one grandson, another grandson on the way and a future daughter-in-law. Sunwest is my passion, and I enjoy coming to work every day to see what will happen next. I enjoy fly fishing, spending time in Colorado, biking and watching my boys play soccer.