10 Questions to Ask Each Other About Your Retirement

September 20, 2012 § Leave a comment

Apparently we are living and loving and not talking about some things, like retirement. One recent survey found that 41% of partners DISAGREED about working retirement when it was assumed by the other that of course we might work. Almost that same number also disagreed about at what age you plan on retiring if at all. Maybe we should chat, kids. Here’s some specific questions to discuss with the person you love.

Do we really WANT to retire? You can manage your future in whatever way seems good to you, but you need to discuss your plans. If you are going to stop working, when are you going to do that?

What’s the vision? – In retirement, or when you work less, what will life be like every day? Or in a typical week? Will one of you be volunteering? Will you be traveling? Might you make community work your new ‘job’? Long-time relationships develop a lot of pressure when there are unspoken dreams.

Where are we going to retire?- Will you be selling the house? Will you be moving? Will you be making your winter residence in one state and summer residence in another; is the snowbird’s life the life for you? Or will you be moving to a condo in a college town?

What’s the plan with the nest egg? – Are you going to have an advisor? Or, will you manage all of your assets yourself it yourself? What if markets crash or the partner mostly responsible for the investments becomes infirm?

How much are you planning on living on? – Do you have a retirement budget? Have you figured out the various income streams? How much will you spend on your hobbies and interests in retirement? How does your partner feel about that?

Do you have estate documents under control? – Who’s in charge of them? Are they up-to-date? Where are the accounts, your deeds, the financial statements,  etc?

What about family relationships? – Ah, the family. Have you considered what you want from family relationships as you age? Are you going to move near the kids and grandkids? Or will you live a fairly independent life? As you have cared for your parents, what lessons have you learned to apply to your life?

Getting old- What is your attitude toward aging? Will you obsessed with regrets or despise your infirmities? Do you plan on spending money on health and fitness or cosmetic surgery?

What do you hope will be your legacy?- Finally, what will be your legacy, my friend? Has your dream been to help with grandchildren and greatgrandchildren’s education? What is the most important thing you would like to do before you die?

 These are tough conversation, but you’ve handles tough things before and done well. You don’t need to get into every detail, but you shouldn’t assume you know what your honey is thinking. That could result in serious miscalculations and sadness.

 So have this talk. Have it over time and cover what you think is understood. But have a good life plan for your beautiful life.  (CR8502)



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