Three Tips To Make Retirement Planning F-U-N For Couples

By

Three Tips To Make Retirement Planning F-U-N For Couples
Finances shouldn't stop you from having an incredible retirement.

When you think of retirement, do you think of fun? You should! You've worked hard, and now it's time to relax. If you're not thinking of fun, usually money is to blame.

And, unfortunately, the clock is ticking. Thousands of people retire every day; in fact, the U.S. Census Bureau says 6,000 people retire every single day. Someday (probably sooner than you think), you'll be retiring too.

 

You and your spouse are not alone if your thoughts about retirement involve some anxiety about money. As a potential added stressor, the way you and your mate communicate about money before retirement can either decrease or intensify that anxiety. 

Most husbands and wives approach money from different viewpoints, often resulting in tension, painful misunderstandings and destructive fights. That’s especially true when it comes to planning for something huge like retirement.

However, developing stronger money communication skills can help you tackle retirement decisions and make retirement not only feasible, but fun as well. 

Start the FUN this way:

F—Find Your Number
What amount of money do you believe you need to reach your retirement goal? There are plenty of tables and retirement formulas out there, but what amount are the two of you comfortable with? Grab any retirement plan statements, a sharp pencil and a calculator and confirm your current contributions. Only you can determine your magic number for your future.

U—Understand Your Dreams
Lots of couples struggle with where to start, so they don't. Buck that trend and talk about your dreams now, so you can make them a future reality. And the good news: dreaming is free! Check out our free Retirement Checklist for some good thought-starters to get you dreaming.

N—Know Each Other (We Cheated A Little With The "N")
Make sure you consider your individual money personalities. Every individual looks at money from a unique perspective. Understanding your individual approaches to money will make retirement planning and the subsequent retirement, more enjoyable. 

For some, retirement means heart-pumping adventure, exotic travel and freedom to do anything and everything. For others, it means simplifying, downshifting and just relaxing. Possibly without realizing it, your money personalities affect which end of that scale you land on. Maybe your goals fit together well. Maybe you can meet somewhere in the middle.

If you aren't sure which of the two of the five categories you fall in, it's easy to determine both your primary and secondary money personalities with our free, scientific online Money Personality Quiz. (Those 15 minutes could make your future Early Bird Dinners a lot more enjoyable).

Take some time with your spouse to communicate about your money now, so you can enjoy a FUN retirement.  You've earned it.

Scott & Bethany Palmer
The Money Couple®

Creators of The 5 Money Personalities™

More couples advice from YourTango:

Article contributed by

Scott And Bethany Palmer The Money Couple

YourTango Expert Partner

The Money Couple, Scott & Bethany Palmer are parents, finance experts, authors, and regulars on national TV and radio. With 40 years of combined financial planning experience they launched The Money Couple to help couples and families improve their relationships with love and money. Scott and Bethany enjoy an active lifestyle living in Colorado with their two sons, Cole and Cade. Pre-order their NEW BOOK, The 5 Money Conversations To Have With Your Kids At Every Age and Every Stage

Take the FREE Money Personality Assessment!

Sign up to Raise Money Smart Kids with Scott & Bethany's new FREE video series

Learn more about The Money Couple's video series Raising Money Smart Kids

Location: Colorado Springs, CO
Credentials: Other
Other Articles/News by Scott and Bethany Palmer The Money Couple:

4 Ways To Teach Your Kids Credit Savvy Money Skills

By

My son Cade and I were shopping the other day when he asked me to purchase something for him. I told him, "Sorry, bud. We can't afford it." His reply hit me like a brick in the head: "C'mon, Dad, don't worry about having the money today, just put it on a credit card!" Holy sh*t, I thought to myself. I've been a ... Read more

Do Your Kids Have A Bad Case Of The Gimmies? 3 Ways To Cure Them

By

Forget cold and flu season. This time of year, kids come down with a bad case of the "gimmes." With all the new toys, new technology, and mega sales, wanting more is pretty contagious, but the "gimmes" aren't fatal. You can help your child, and your entire family with these parenting tips that encourage a spirit of thankfulness ... Read more

5 Signs Your Child Might Be An Entitled Brat (Thanks To You)

By

Once upon a time, parents feared their children wouldn't have enough. Now we fear our kids have way too much. You want to give your child every advantage you never had, but where is the line between investing in their growth and happiness and raising an entitled brat?  The main difference is noted in their attitude. A "spoiled" ... Read more

See More

 
Latest Expert Videos
ASK YOURTANGO MORE QUESTIONS
Must-see Videos
SEE MORE VIDEOS
Most Popular