By Eric Reich
Many of us dream about retirement. We have a picture in our mind of what our retirement will look like, how we will spend our days, and the beautiful places we want to visit. But what if spouses don’t agree on what that vision of retirement looks like? This is the less perfect side of retirement.
This week, I want to explore the issues spouses have regarding differing views about the ideal retirement and how to deal with them.
- One spouse wants to retire and the other does not, or your retired spouse wants you to retire as well. Over the last 25+ years, this is the issue I find to be the most difficult for couples to handle. Some people, like me, really love what they do, and simply cannot see themselves ever retiring. The key to resolving this situation comes down to open and honest conversations about why you don’t want to retire, and then trying to find a way to compromise. Maybe it’s working fewer hours to ease yourself into retirement. It could be as simple as taking more vacations. Perhaps set a future date that you both agree to as to when you will spend less time working.
- Where to retire to. Here in New Jersey, many retirees look to head south to places like Florida, the Carolinas or Tennessee. Both spouses must be in agreement on where to live in retirement, or at least have a plan for what months they will live where. Maybe a winter in Florida, but come back home for the rest of the year, etc. Understanding where you will reside will have a big impact on the next issue, what you plan to do in retirement.
- What will we do in retirement. This is the most common disagreement, but usually not very hard to compromise on. One spouse may want to travel, while the other may want to be a homebody. This can be remedied by some travel together, along with the wanderlust spouse traveling with friends or family to satisfy their additional desires for more travel. Relocating to an area where there are plenty of activities you enjoy is important as well.
- A plan to see “the kids.” Often, relocating in retirement centers around where our kids chose to relocate to, often for work. I always caution retirees against the problems of “kid chasing.” Many times, a modern average career will involve relocation. Are you willing to relocate again and again in order to be near your kids every time they move? Are those locations conducive to an enjoyable retirement, or are they better suited to those in fast paced early career workers? If you are not planning to relocate near the kids, have a set plan on how often you will see them, even if it means flying them to your location.
With retirement comes other issues to discuss as well. Estate planning is the one that jumps out at me first. Different states have different laws which may affect how your assets are distributed, etc. Make sure if you plan to relocate you discuss your move with your financial advisor and estate planning attorney.
Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Reich Asset Management, LLC is not affiliated with Kestra IS or Kestra AS. The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. To view form CRS visit https://bit.ly/KF-Disclosures.
Eric is President and founder of Reich Asset Management, LLC. He relies on his 25 years of experience to help clients have an enjoyable retirement. He is a
Certified Financial Planner™ and Certified Investment Management AnalystSM (CIMA®) and has earned his Chartered Life Underwriter® (CLU®) and Chartered Financial Consultant® (ChFC®) designations. A lifelong resident of Cape May County, Eric resides in Seaville, NJ with his wife Chrissy and their sons ,CJ and Cooper, and daughter Riley.
