If you and your spouse are making plans to retire, you’re probably wondering whether it’s a good idea to retire at the same time. Many couples go through the same thought process and, in fact, one in four couples quit their jobs within a year of each other. Here are some items to consider when deciding whether to retire at the same time as your spouse.
More Americans are retiring earlier than you might think
Planning for retirement is without a doubt a long-term project that takes years of saving and adjusting to prepare for successfully. It certainly isn’t a fix it and forget it endeavor. But no matter how well you prepare or how diligently you save, the reality is that health issues, company downsizing, a worldwide pandemic, or simply personal preference may put you face to face with an early or unexpected retirement.
Retirement can sneak up on you.
At one time, it seemed like a lifetime away, now it may be just around the corner. At one time you planned on working forever, but now you can admit that the thought of retiring has its benefits. Perhaps you’ve found yourself daydreaming about a little cabin on a lake, or a small home in the mountains. You may have even entertained the notion of becoming an expatriate and retiring overseas. While these daydreams can certainly be pleasant, you’re also facing the reality that at the age of 50, you’ve done little to save for retirement.
Congratulations! Your new union symbolizes a new beginning facing the world. But before the glow of wedded bliss wears, it’s crucial to talk about finances. Let’s be honest, financial talks should be had well before the ring, but did you know that “68 percent of engaged couples surveyed held a negative attitude about discussing money with their fiance.1”
That’s a large percentage of couples who are afraid to have ‘the talk’. Below are a few tips and areas to consider if you’re in a serious relationship, newly engaged or if you’ve tied the knot.