Remember “The Newlywed Game,” a TV game show that asked husbands and wives funny questions about each other and then compared their answers? Much of the show’s humor stemmed from the fact that the contestants were only recently married and still didn’t know each other very well.
A recent survey revealed that even long–married couples might be surprised by how little they know about each other. When husbands and wives were asked about each other’s ideas concerning retirement, their answers were no laughing matter. More than 30% were unaware of when their mates planned to retire and the retirement lifestyle they were expecting.1
Some couples say they never stop learning about each other. But when it comes to retirement, both sides could benefit from frank, open discussions about the future.
Seventy percent of couples who are married or living together can’t agree on how much to save for retirement.2 The problem could be that both parties don’t know what the true cost of retirement will be. In fact, 37% of current retirees said their living expenses were higher than they had anticipated.3 Performing a retirement needs calculation could help remove uncertainty about the amount a couple needs to save.
About 77% of couples don’t make financial decisions together.4 The risk here is that one spouse will be uninformed about the household financial situation if the other were ever to become incapacitated. It also indicates that they may be unprepared. Two–thirds of couples who didn’t confer on financial decisions lacked the appropriate insurance and estate conservation documents that could help manage the fallout if unexpected events were to occur in -retirement.5
Thirty–one percent said they focus on retirement savings to a differing degree than their partners. Specifically, 20% said they are more focused on saving than their partners, and 11% said their partners are more focused.6
Communication is the basis for a solid relationship. By sharing information about each other’s plans and expectations for retirement, a couple may be able to avoid some common mistakes that could hamper their progress toward a comfortable retirement lifestyle.
