It's official... Couples just aren't talking to each other about their wants, needs, hopes, fears and dreams for the second half of their lives.
A recent survey of 502 married couples approaching retirement uncovered the fact that wives and husbands often had different understandings of their plans and preparations for life after the office, shop, or factory:
• 61% disagreed on which income source (workplace savings, pensions, Social Security, etc.) would be their primary source of funds in retirement.
• 58% disagreed about whom their spouse would turn to for financial guidance in the event of the other spouse's death.
• 41% disagreed about whether at least one partner would work in retirement.
• 39% differed on the amount of their life-insurance coverage.
Note: Spouses were questioned individually. On average, surveyed couples had been married 24 years and were nine years away from their expected retirement. Husbands were 54 years old, on average; wives were 53.
Source: Fidelity Investments
The failure to develop a clear understanding of your own retirement expectations, the expectations of your spouse or partner, and how to blend the two together can be a recipe for retirement disaster...
For example, what would your ideal retirement look and feel like? Does your vision of your ideal retirement match that of your partner?
What is your definition of 'healthy togetherness' with your partner? And does your partner share that definition?
If you and your partner both retired at the same time, would you be able to cope with suddenly spending large amounts of time together or would you be sick of the sight of each other within a fortnight?
Do you suspect that you may want to spend more time with your loved one than they are prepared to give? In other words, do they have other plans for how they will spend their time and who they spend it with? Or vice versa?
Where do you want to spend your retirement and what factors are important when choosing a place to live at this stage in your life? Does your partner agree?
As a couple, have you been too cautious in your life thus far, or not cautious enough? What needs to change? Does your partner agree?
Try working through the above questions as individuals and then compare your answers - you may be surprised at the results.
Bear in mind that even couples who have happily rubbed along together for many years can be surprised (or even shocked) by the effects that retirement can have upon their relationship... And the best way to avoid any issues in the first place (or resolve them satisfactorily when they do arise) is to talk to each other. To speak honestly and openly about your wants, needs, hopes, fears and dreams for your future, and to listen with understanding and compassion when your partner does the same thing.
My new Couples Talking Retirement course can help you with that - by providing you with the right questions to ask in order to:
- uncover the differences between your perceptions and understanding of what your life in retirement will be like and those of your partner
- highlight potential challenges
- enable you to work together to minimise the likelihood of future problems arising and ensure that you both get the retirement you deserve...
The one-day courses begin on 24 June in Central Manchester. The list of course dates is as follows:
24 June - Manchester
22 July - Manchester
23 September - Manchester
21 October - York
25 November - Manchester
16 December - Manchester
The course costs £347 per couple.
Grab a booking form and check out all courses on the Contemporary Retirement website