David Lerner Associates News

Retirement with Your Partner

Core Facts


Friday, July 13, 2018

As you head toward your golden years, you and your partner will want to spend time doing the things that make you happy and finding hobbies or communities to get involved in rather than counting the pennies and shopping at the dollar store. To make sure that you are able to retire comfortably with your partner, you'll have to save for many years unless you win the lottery. According to research, almost half of all couples have no idea how much they need to save to maintain their current lifestyle in retirement. It's also interesting to note that 60% of couples don’t know, or are not sure of, what their Social Security payout will be.

If you've been saving, then you should have some idea of what you have squirrelled away.

It's a major concern that such a large number of Americans have no idea how much they would need to save for their retirement to maintain their standard of living.  And that some folks could soon be economically forced to quit shopping at fine food markets and begin trying to find alternatives. Even worse, they may lose their homes or assets due to financial issues.

Couples do not always agree on everything. A relationship is a complicated thing, and no two couples deal with the same circumstances. A study by Ameriprise showed that 30% of couples disagree about their finances at least once a month. Having a regular discussion about your financial situation and where you currently stand is key to making sure that both you and your partner are on the same page and have the same goals for retirement. Make sure that you do not argue about money but rather endeavor to set goals and milestones together, and treat it as a team effort.

Not saving enough for retirement is not an uncommon thing.. According to a survey by Bankrate, 22% of Americans say that their biggest financial blunder was not saving enough for retirement.  If you save together, then as you grow older your bank balances as well as your investment in each other will have grown, and you will be able to enjoy your golden years together in style rather than worrying. Money does not need to be an overly stressful topic if you are both open and honest and have no secret debt or bank accounts that your partner does not know about.

 

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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About

Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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Contact

Jake Mendlinger
Account Manager
Zimmerman/Edelson
516.829.8374 X 232
jmendlinger@zimmed.com

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