What do couples tend to argue about when it comes to their money in retirement? Eric talks through what you need to do to get on the same page.
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Find yourself fighting with your spouse about your finances? It is fairly common among couples to argue about money. On today’s podcast, we discuss the key areas that cause financial disputes in a relationship as you near retirement.
How risky are you willing to be? Often one person in the relationship is more willing to be risky than the other. It’s important to strike the right balance of what you both feel comfortable with. The question to ask yourself is: if the money you that right have now doubled, would you change what you’re doing? But if the money you have right now was cut in half, how would that impact you?
When should you retire? Sometimes it’s not at the same time, whether that’s due to age, desire, or most often, healthcare. Think about what it might be like if only one spouse is retired at once. Are you both ready to retire? You might want to do things together in this time. Ultimately, figure out what you want and then see how your plan supports it.
Should you leave money behind for your kids and grandkids? While it’s nice to do this, make sure you focus on you and your needs first. Maybe you want to help them along the way instead of just waiting until you’ve passed away. You don’t want to sacrifice in retirement though just to leave something.
What is your dream for retirement? Maybe you want to work longer. Maybe you want to volunteer. Maybe you want to travel. All of these are options, but you’ve got to look at your retirement plan to make it possible.
Listen to the entire episode or skip ahead using the timestamps below.
[1:08] – How much risk should you have in your portfolio?
[3:06] – What age makes sense to retire?
[6:23] – Do we leave something behind for heirs?
[10:25] – What is the dream retirement?
“The question to ask yourself is: if the money you that right have now doubled, would you change what you’re doing? But if the money you have right now was cut in half, how would that impact you?“
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