Copy article

Retirement planning as a couple - friction points

Journalist: Rachel Wait, Freelance

ended 24. September 2024

Looking for financial planners, psychologists, retirement course experts, small estate agents to comment on how to start planning for retirement as a couple and prevent friction if goals are different. Aimed at those around 10 years off retirement.

This isn't to give solutions, but to show what areas can cause conflict, what discussions to have, and how planning early can help. Any areas experts know about are welcomed, along with points like:


-When will you retire? Studies show a staggered end (if you’re a similar age) can help avoid the sudden moment of being with each other 24/7. Also, how can you avoid someone feeling resentful if one person has retired while the other cannot?

- Where will you go? Talk about the issues around potentially downsizing, wanting to live abroad, how much time to spend with family etc.

- How will you fund things? Talking about retirement financial planning, attitude to risk, making sure you have a plan through.

- What about care? Are you both aligned on planning for the potential one (or both) of you will need help later on – how does that align with looking after family?

2 responses from the Newspage community

Copy all

Copy

Editor
Ross Lacey
Director & Independent Financial Adviser at Fairview Financial Management
This is a key part of the work we do with our clients.

Couples will often have different views on what retirement means to them. One may want to travel more while the other prefers to pursue a hobby so mapping out how they are going to spend their "average week" starting with when they get up on a Monday morning with no work to go to is essential.

In our experience, a cliff-edge retirement tends to leave retirees feeling unfulfiled and not ready for the new normal. We're seeing more people phase into retirement, either through reducing the days they work, or taking a different job/starting a business.

For couples of different ages, we tend to see the younger one stopping work around the same time as the older. It is important though that they each have things they'll do seprately as well as together - we've had many a (perhaps not so!) tongue-in-cheek comment in our office from clients where they are considering returning to work to get away from their spouse 24/7!
Copy

Dr Felicity Baker
Co-Founder/ Clinical Psychologist at Ultimate Resilience Ltd
Planning retirement as a couple can be challenging. Differing emotional readiness for retirement, needs and desires, attitudes to money, health and mortality can all complicate planning. Shifts in identity associated with changes in roles and loss of purpose can further lead to anxiety and conflict, especially if you have different visions for what retirement looks like. To navigate the process smoothly and minimise friction, planning ahead is key. Be open and non-judgemental about each other’s visions for retirement, share concerns and expectations and be open about current savings and debts. Identify overlapping goals and prioritise them to create a shared vision incorporating elements important to both partners. This might mean compromising or finding creative solutions to satisfy both sets of goals. Consulting a financial planner who specialises in working with couples can provide objective advice and create a plan that considers both of your perspectives.