|
Your decision to retire will impact your spouse or partner and your family. Here are some tips on how to share your retirement plans with loved ones.
Your spouse or partner
Relationship considerations: Starting a discussion with your spouse about when to retire can be intimidating. Even if you’ve diligently saved for retirement, saying, “Honey, I’m thinking about retiring” and plotting your retirement date can be among the most anxiety-filled conversations you’ll ever have.
If you and your spouse were able to work from home during the pandemic, you’ve learned something. Without the demands of a job, how will you negotiate your lives moving forward? Your daily routine will change, and you’ll have more time together than as newlyweds.
Financial considerations: If you are married, make retirement decisions with a joint outcome in mind. In most cases, you’re better off coordinating your retirement planning efforts with your spouse. As a starting point, use the Voya workbook Your Journey to Retirement to plan your journey to retirement together.
Consider joint life expectancy, age, and health differences. Plan when to collect Social Security, being mindful of spousal and survivor benefits. Planning a dream retirement takes teamwork. Sharing the same financial goals and keeping each other accountable can ensure your retirement is successful.
Your family
Can you afford to be the family bank?
In many families, one member is most likely to provide financial help when needed. Helping your family feels great, but providing financial support to adult children, grandchildren, parents, and siblings can derail your retirement plans. Before you offer financial support to your adult children, determine if you can meet your retirement goals and your current obligations.
Be open with your family about your retirement plans years before you plan to retire. Let them know changes are coming. Transition from family financier to financial educator. Share what you’ve learned about saving and budgeting.
|
