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?
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