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Have you and your partner talked about retirement? That is, really talked about the nuts and bolts of what your retirement will look like? Have you discussed how you will save, how much you need, where you will live, and what you will do in the post-work phase of your lives?
Roughly half of couples don’t agree on at least some of these things, according to a 2021 survey by Fidelity Investments. Furthermore, 11 percent of Americans polled in a 2023 NerdWallet study said they're not saving for the time after they stop working—and neither is their significant other.
Retirement has financial and emotional implications, and it’s an important topic for both partners to discuss. If you’ve been avoiding talking about it out of fear or discomfort, here are a few ways to get the conversation off the ground.
Sources: Dayana Yochim. Study: Money Secrets and ... + 8
- Dayana Yochim. Study: Money Secrets and Sluggish Savings Put Couples’ Retirement Dreams at Risk. NerdWallet. 2016.
- Arielle O'Shea. How Much Should You Save for Retirement? NerdWallet. April 5, 2022.
- Erin El Issa. Survey: Some Americans who plan to retire say they’ll leave the workforce early. Nerdwallet. February 28, 2023.
- Roger Young, CFP. You’re Age 35, 50, or 60: How Much Should You Have Saved for Retirement by Now? T.RowePrice. April 22, 2022.
- United States Department of Labor. Employee Benefits Security Administration. Top 10 Ways to Prepare for Retirement. September 2021.
- Mark Miller and Robert Powell. Countdown to Retirement: 1 Year. AARP. February 6, 2019.
- U.S. Census Bureau. 2017 Current Population Survey Annual Social and Economic Supplement (CPS ASEC) Research File. Table FG3. Married Couple Family Groups, by Presence of Own Children Under 18, and Age, Earnings, Education, and Race and Hispanic Origin of Both Spouses: 2017.
- 2021 Fidelity Investments Couples & Money Study.
- TIAA. 2016 Voices of Experience Survey. Insights on Life in Retirement.
