Oncken Insurance Agency, P.C. Blog
If you only have a few years before retirement, achieving your goals and dreams will need both of your efforts. You will encounter the benefits of saving for retirement, but there will be times where you won’t meet eye-to-eye on particular financial decisions. To avoid specific arguments, take note of these tips, and plan ahead of time.
To have the ideal plan for retirement, you and your partner will have to get on the same page. Talk about what you both want, individually and as a couple, while still in the early phase of planning. Come to a conclusion on which lifestyle you both want to live during retirement. It can either be the travel and leisure life or the engross in the comfort of your home without worrying about work. After you both have come to terms, estimating the needed income and savings for your outlooked lifestyle becomes more leisurely.
You might get into small arguments and feelings of resentment if the other’s needs and wants are met. You’ll both have to compromise to achieve the retirement plan you both will enjoy.
The way you manage your money before retirement significantly affects the strategies you thoroughly thought through for spending and saving. For couples that have separate finances, make sure you’ve defined your shared and individual expenses while also keeping your personal and joint budgets. Be aware that both of you may not retire together. Communicate the goals you both want to reach while also supporting each other to their fullest potential. Keep in mind to also use your withdrawal strategy when needed.
Even after you both have agreed on which type of retirement plan to take, to continue communication is vital so your financial stability won’t become unbalanced. You and your partner should schedule discussions on how to budget your savings. Large expenditures such as travel or vehicle purchases, and home repairs should also be mentioned. Couples who have been combining their finances for years may find financial communication smooth to discuss, which isn't the case for those with separate finances.
When planning your retirement, you should always consider housing. Although it may be known to stay in your pre-retirement home, it’s also ideal for moving to a more suitable climate with tax-friendly laws. Evaluate with your partner your preferences and discuss the critical factors that you and your partner consider.
If you’ve planned a few years, write down the necessary plans that you and your partner discussed so you can re-evaluate it once retirement draws nearer. Another way to ensure that you achieve your retirement goal is to invest in an annuity. With an annuity, you are guaranteed lifetime income and long-term care costs. So, get one now!
At Oncken Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (281) 256-8310 or Click Here to request a free quote.