Retirement Planning For Couples
Communication is key to a fruitful relationship and retirement planning is no exception. It’s important to have an open and honest retirement plan in place to help prepare for your future together.
A retirement plan should put you and your partner first, and account for current and ongoing needs as you grow together.
At MyFuture, our Retirement Planning professionals are ready to put your retirement dreams to the test and build you a roadmap to get there. With unique retirement considerations, couples need to work with Qualified Financial Advisers who can help them put their retirement plans in action.
Retirement Planning For Couples
Every couple should discuss what their hopes and dreams are for retirement. The fun part is discussing all the things you want to do both together, and individually with all the time you will have.
It’s important to also take into account what will happen if one of you gets sick or heaven forbid, passes away. As upsetting as it can be, these discussions are integral to prepare you should the worst case scenario play out.
The good news is you can share in these discussions as a team. We suggest you:
Consider seeking retirement planning together as a couple from a qualified financial adviser (such as the experts at MyFuture)
Think about end-of-life choices and any financial legacy you’ll leave to loved ones.
As a couple, you have the added benefit of moving assets between parties to benefit from personal allowances and the amount of tax-free income you can earn between you.
Retirement Planning Goals For Couples
Whether you have more traditional retirement plans to live comfortably and simply or if you have loftier goals of a luxurious lifestyle, your retirement goals are within reach.
Whichever path you follow to your dream retirement, we’ll help you put the plan in place to get there.
It’s important to ask yourself these questions when making a plan for retirement:
- How much income do you have or expect to have to retire?
- When would you like to retire?
- Where do you want to live?
- What are you looking forward to?
- What lifestyle do you want for retirement?
- Do you intend to take any trips or make any large purchases?
- Do you want to continue working?
- Do you have any health concerns?
- What are your debts?
Once you’ve thought about how you intend to spend your retirement years, there are some more practical questions that will guide you in figuring out how much you need to save:
- How much do you normally spend from month to month?
- What is your life expectancy?
- How much money do you have saved?
- How long do you have to save and invest for retirement?
- What wealth building sources are available to you?
Get Ahead With Quality Financial Advice
Our Qualified Financial Advisers can help you achieve your retirement goals with a tailored financial plan and proven financial expertise.
When Should You Consider Retirement Planning?
Get started today! If you haven’t started planning for retirement, now is as good a time as any. The earlier you start, the more time you have to secure your future and achieve your dream retirement.
Retirement planning doesn’t have to mean making sacrifices when you’re young, but it does mean investing in your future. By understanding your finances, setting goals, saving, and investing, you’ll be well on your way to financial freedom regardless of your age. It can give you the freedom to spend time or money on what matters most and the confidence that your future is protected.
Retirement planning is not a rigid process. Instead, it means balancing your priorities and choosing how much you spend on the things you value most.
So, what are you waiting for?
What Is Retirement Planning For Couples?
Creating a retirement plan together that aligns as a couple is integral to your individual and shared financial independence and freedom.
It’s also important to express your individual goals to identify where they coincide and where they diverge so you can plan for all the possibilities. By discussing your priorities as a couple, you’ll be able to develop a retirement plan that gets you both going in the right direction, as well as working towards your goals as a couple at the same time.
At MyFuture, we have a wealth of experience in finding the right balance for retirement planning for couples and helping you both to identify and reach your financial goals.
Get in touch with us today for your FREE no obligation Discovery Session to find out more about our retirement planning for couples.
What is our 6-Step Financial Advice Process?
The 6-step financial advice process is the international benchmark for financial planning. This holistic approach is proven to increase the likelihood of you achieving your financial goals.
Discovery Session
This is our opportunity to get to know you better, understand your financial goals (short, medium and long-term), and what resources you have to achieve those goals.
Research & Recommendations
During these steps, we do the research, run the numbers, document and present our recommendations to you. This can be a comprehensive financial plan focused on long-term wealth creation and/or a statement of advice focused on your more immediate financial needs. We will need to verify the information you provided during the Discovery Session by requesting supporting documents such as loan and savings account balances, payslips, etc. This ensures we are using highly accurate information when developing our recommendations.
Implementation
This step is all about implementing the recommendations. We don’t just provide the recommendation; we take responsibility for helping you implement it. This could involve helping you to complete application forms, working with a broker to restructure your lending, or finding you suitable investments. We understand you’re busy, so our goal is to make your financial world as easy as possible by doing as much as we can in-house for you. However, ultimately, we never have access to your money and cannot sign anything on your behalf, so you need to be an active, willing, and ideally enthusiastic participant in this process.
Ongoing Service & Reviews
This is where the real fun begins—managing and tracking your long-term financial success. We have periodic reviews to ensure your strategy is still appropriate if your goals or circumstances have changed. We adjust when necessary and provide annual snapshots so you can see your progress over time. Most importantly, you have your very own trusted Personal Financial Adviser available anytime to help with the little or big stuff. Worried about making next month’s mortgage repayments? Call us. Your parents gave you an early inheritance? Call us. Broke up with your partner and split all your assets? Call us! We’re here for you every step of the way to ensure that whatever life throws at you, you stay on track with your long-term financial goals.
Frequently Asked Questions