One of the most significant issues is how well you communicate. If you cannot discuss your plans, your objectives etc., your marriage may be headed for trouble. When this occurs all kinds of things can happen. Including over spending, spending on items that are not supported by both spouses etc. Your financial affairs can quickly spiral out of control if one or both parties do not take control of the finances.
Do you have the same objectives for your retirement years. How do these objectives translate into your spending plan. Trips, house renovations and upgrades, car replacements etc. should be discussed and planned. Even day to day expenses can get in the way of an enjoyable retirement if your budget is under pressure.
Do you enjoy each others company? Retired couples see a lot more of each other and they may not be ready. There are extremes. Some love to spend time with each other and value the time they now get to spend together. Others want to mimic the nine to five schedule and really do not want to see each other during these time frames. Assess your needs to spend time together and discuss it with your partner.
Traveling with other couples, going for dinner etc. can also be beneficial. Spending time with couples with similar objectives, financial wealth etc. can be very enjoyable. If you are trying to constantly keep up financially this can place a lot of stress on the relationship and also on your financial budget.
We suggest that couples new to retirement allow for some time to adjust. Remember that you are figuring things out as a couple and also individually. It takes time to do this and meld the two with each other. Take it slow and do not spend money that may impact your long term financial health.
It all comes down to planning your budget for the life style you want to have and the money you have available. Spend the time developing a budget which includes your objectives and plans. Discuss these plans and the financial impact with your spouse. Be prepare to review your budget and make adjustments as needed.
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