Do you and your partner want to retire at the same time? According to William Schantz, there are many things to factor into this decision- from personal health and physical activity levels to finances and savings.
The key to easy retirement is talking about it five to eight years in advance and then adapting as the situation changes and different things come up. Waiting to talk to your partner till the day you are ready to retire is not the right move, as per William Schantz.
Should Couples Retire Together by William Schantz– Questions to Ask
1. When Are You Planning to Retire?
The biggest mistake couples make is not talking about retirement soon enough. The ideal age of retirement will depend on a number of things, such as the situation of the economy, something at work that you want to see through to the end, or your financial situation.
However, if you and your partner do not have the same expectations, you are bound to find yourselves in an area of conflict.
2. What Do You Want to Do After Retirement?
Retirement will completely change your schedule, including how you and your spouse spend time with each other. Adjustments will need to be made to figure out how you and your spouse should spend time together and what commitments will need to be tended to.
Retirees can also choose to work part-time or fulfill their passions that they were unable to when they were working full-time.
Talking about what you expect from each other is a great way to set expectations and confront problems before they blow up.
3. Do You and Your Spouse Want to Use Up All Your Savings or Leave a Legacy Behind?
It is important to be on the same page as your spouse about your finances. You should talk about whether you want to spend the money that you have saved during your lifetime or leave it behind so that your children can carry on your work when you are gone.
William Schantz also recommends talking about whether you want to donate some part of your money to a charity and, if you do, whether that will be worth the sacrifice during retirement.
Talking about death can be difficult, but it is a conversation couples should have before they enter the retirement phase. It will help them figure out what they want to do with their assets and what each person in the relationship expects.
William Schantz’s Concluding Thoughts
William Schantz believes couples can retire together without any issues as long as they plan ahead. Retiring together can be a beautiful experience if you and your partner have finances sorted out and can meet each other halfway.
After retirement, each individual has certain dreams that they want to fulfill. Most of our lives go by trying to work hard to make a living, so the retirement duration is usually when dreams can be fulfilled. Plan ahead, plan wisely and enjoy the best years of your life with your spouse without worrying about anything else.