Hello Friends and Happy Tuesday
Have you and your spouse started thinking about retirement? Perhaps it’s several years off or maybe in the not-so-distant future. What are your plans, will you be traveling or just relaxing on the back deck watching the sun rise while sipping your morning coffee?
Hubby will be retiring from the State of Delaware in July, but since I have at least 5 more years, he has to wait for me…and while he waits, he will be working no doubt about it. Just because he’s retiring with a full pension doesn’t negate the fact that we’ll have a son in college and bills to pay.
Retirement should be a dream come true filled with fun and excitement but if you make mistakes in not planning, that dream can quickly turn into a nightmare.
According to the experts, there are 7 mistakes that couples should avoid if they want their retirement years to be truly golden.
- Couples never talked about what each of them expected retirement to be, i.e. personal interest or professional goals
- They haven’t planned for emergencies, i.e. illnesses, accidents and major home repairs
- Couples in their 2nd marriages didn’t plan for unique problems that come with blended families, ie. adult children needing financial assistance
- They didn’t do proper financial planning. i.e. fail to calculate the amount of money needed in retirement, lifestyle and living costs changes
- Couples didn’t consider the high costs of health care or long-term care
- Assuming that because you are married you can act for each other in business and health care decisions, consider getting a Power of Attorney
- Only one partner is handling financial matters – couples need to talk regularly about finances and both should actively participate
If you and your spouse haven’t sat down and talked about your retirement plans, the time to do so is now so you can make those golden years tarnish free!
What are your thoughts?