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.
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