When couples retire together there are many issues they have to figure out how to deal with. From filling their time to spending time together to dealing with their finances. There are lots of issues and they can put a lot of pressure on couples as they adjust to this new life style. In this post we are going to try to help develop a financial playbook for couples in retirement. Believe it or not it is just not about spending money. Some items or issues concern the emotional relationship you have with your spouse. How well do you communicate? Do you have the same objectives? How much time do you spend with each other? Are their couples you spend time with? Allow time to adjust to each other and to your retirement. Lets discuss some of these issues in more detail and how they relate to your financial playbook.
A Financial Playbook for Couples in Retirement
Communication
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.
What Are Your Objectives
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.
Spending Time Together
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.
Spending Time with Other Couples
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.
Adjustment Time
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.
Budgeting and Planning
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.