Spending your golden years in retirement with your spouse is supposed to be idyllic, but according to a new study, most partners aren’t having crucial financial discussions when it comes to describing their expected lifestyle in retirement.
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According to Fidelity Investments, one in three married couples are not on the same page about what their retirement lifestyle – and budget – will look like, but financial expert Chris Hogan has some advice for couples who are struggling to have important conversations about money.
“I want them to really take a deep breath and sit down and begin to talk about this and work on it together,” Hogan told FOX Business’ Maria Bartiromo during an interview on Tuesday. “It’s not a his or hers, it’s an our situation. Retirement is an opportunity for you to do more of the things you want to do.”
Partners first need to sit down and understand the current reality of their financial situation, Hogan said. He suggested putting the kids to bed, going on a “dream date” and laying out what they want from retirement.
From there, he said, they can start to plan out what they’ll need financially in order to achieve those goals. Honesty is key, Hogan said, as finances are the second leading cause of divorce in North America.
“Listen to each other,” he said. “Don’t judge each other’s dreams ... and then you can start to compromise and work together to get there.”