What You Should Ask (But Probably Forgot) When Planning For Retirement With Your Spouse

Today’s Prep:

Did you take the trash out? Oh, and what is our income plan after one of us dies? One of these is a question you might ask your spouse regularly after dinner while the other one is important but often overlooked. We’ll talk about five questions you should start to ask now when it comes to planning your retirement with your spouse.

(Click the featured times below to jump forward in the episode)

 

Equipping Points:

You don’t always know what is ahead in life, but there are a number of possible scenarios that are worth talking through with your spouse. It’s easy to get caught up in the mundane of daily life now, but have you discussed these questions regarding life in retirement?

What happens if you end up supporting elderly parents? Or your adult children? Or both? How will you handle emergencies? What’s it like to spend a lot more time together all day long?

You may be surprised by some of the answers. It’s good to remember that planning for retirement is more than just about having money. There’s a lifestyle and routine to consider. Maybe you’ll need new hobbies or a part-time job to keep you busy. Or maybe you’ll have more family members to care for at home.

You’ll want to figure out what motivates you in retirement, as well as what your income plan is. While these may not be typical dinner conversation, having the discussion now could save you from a lot of confusion or frustration down the line.

Listen to the entire episode above or click on one of the questions in the timestamps below for more details.

[1:22] – Are you supporting your kids and your parents simultaneously?

[3:24] – How does your family feel about you quitting your job and being home more?

[6:15] – Are you retiring from your job or to something else?

[8:48] – How will you be prepared to handle emergency fund expenses?

[9:57] – What happens to the income plan after the death of the first spouse?

 

Related Resources:

Taking Care of Family

Grandma’s Financial Wisdom

Today’s Takeaway:

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Let’s Play Financial Jeopardy

November 21, 2019

Financial for 200! Financial for 400! Are you ready to match the questions with the statements like in Jeopardy when it comes to your knowledge of financial terms? Which of these currently impact your retirement plan?

Read More

Getting Your Health And Wealth In Shape

November 14, 2019

Are you feeling yourself slide into a bit of a rut? Need more tone and discipline in your life? Getting your body in shape can look a lot like getting your finances in shape.

Read More

Answering The 401(k) FAQs

November 7, 2019

Most likely, at some point or another, you’ve had the option of contributing to a 401(k). But do you know how to really leverage it? This episode will tackle some of the frequently asked questions when it comes to your 401(k).

Read More

Understanding How Your Feelings Impact Your Financial Decisions

October 31, 2019

When you make a financial decision, does it start with looking at the numbers or asking the question, “How do you feel about that?” When should your feelings overrule the numbers, and what areas of your plan are most likely swayed by feelings and emotions?

Read More

Planning Your Road Trip Towards Retirement

October 24, 2019

Think back to your last road trip–what did you do to prepare? Chances are you didn’t suddenly jump in the car and then a few hours (or days) later simply arrive. Yet this is what some people think retirement looks like. Instead, you’ve got to plan ahead and know where you’re going and how you’ll get there.

Read More

Let’s Talk About The “A” Word: Annuities

October 17, 2019

We’ve all heard about annuities, but there’s still tons of confusion about them. What are the different types of annuities? And are any of them worth having?

Read More

Should You Adhere To Conventional Financial Wisdom?

October 10, 2019

What common financial advice have you heard that is actually worth following? Do these concepts provide a better financial future for you and your family? Or are these ideas more damaging in the long-run?

Read More

How To Create A Retirement Plan Without Compromises, Part 2

October 3, 2019

We all want a certain sense of safety and security, but we also need the growth and potential that comes with risk. So how do you weigh out the two and create a plan without compromise? What tools can be used to achieve the right combination of both safety and growth?

Read More

How To Create A Retirement Plan Without Compromises, Part 1

September 26, 2019

When making any decisions, you may get to a point when you have to make some compromises. How about when it comes to your retirement plans, are you making too many compromises?

Read More

How To Handle Financial Pain Points in Retirement

September 19, 2019

When planning for retirement, there are a number of pain points that can come up to cause stress and fear for the future. What are some ways you can address these pain points now?

Read More

Leave a Comment