Though there is an “I” in retirement, it generally requires cooperation with your spouse to produce mutually satisfactory solutions. But it appears most couples are short on team spirit, a commodity that’s especially crucial during these tough economic times.
According to a recent study from Fidelity Investments, more than 80% of the couples surveyed disagreed about a major component of their retirement planning. That includes such factors as retirement age, plans to work while retired, and, most significantly, expected future lifestyles. Also noteworthy was that only 15% said they would feel confident enough about their finances to assume full financial responsibilities on their own.
Many couples in the Fidelity study acknowledged they are struggling to share financial information and decision-making as they approach the last decade or two before retirement. Some aren’t even sure which financial products they own or completely understand those investments. For instance, more than one in four survey respondents couldn’t agree whether the couple owned an IRA. Only 38% jointly discussed investment decisions affecting retirement savings.
If you and your spouse are in this predicament, we can help you communicate more openly with each other about your finances and objectives. You’re far more likely to secure a comfortable retirement—and will more easily overcome the financial bumps along the way—if you work together.
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