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™
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