Open and honest communication with your partner is key to getting on the same page about retirement. Talking about your plans, including when you want to retire, how you imagine spending your time, and how you will support yourselves financially can set you and your partner up for retirement success.
Decide where you want to live
One of the most crucial retirement decisions is planning where to live. Will you remain in your current home, scale back to a smaller place, or move to a new location? Talk through the pros and cons of each option and consider factors such as how close you want to be to family and friends, cost of living, and desired climate.
Discuss your lifestyle
You can also brainstorm retirement lifestyle ideas together. Are you looking to eat out every night, take up new hobbies, or volunteer in your community? Maybe you want to maintain your current lifestyle or even continue working in some way. Talk to your partner about goals and how you can help each other reach them.
Talk about travel and other goals
Travel is a popular retirement activity, and it’s important to be realistic about your budget and the types of trips you want to take. Do you want to take a cruise, go on a European tour, or visit a specific destination? Perhaps you have other high-cost goals, such as going back to school to earn a degree.
Discuss what is important to you and your partner and how to make it happen financially, whether it’s adjusting your savings plan, looking into ways to earn passive income, or borrowing from the cash value of a whole life insurance policy.
Get your finances in order
Retirement can be expensive so, before you and your partner take the plunge, it can help to get your finances in order. Knowing how much cash you have in the bank is a good start. Review any possible sources of income such as a pension or social security benefits, 401ks, IRAs, real estate revenue, or less traditional sources of cashflow, like the cash value of a permanent life insurance policy.
Make sure that you understand all of your retirement income sources and expenses, and that you have a plan for managing your money in retirement. Remember to factor in things like healthcare costs and inflation, and consider hiring a financial advisor if you need help.
With regular conversations and planning, you and your partner can have a successful and enjoyable retirement. Remember to communicate often, to be willing to compromise, and to enjoy each other’s company in your golden years.
The primary purpose of permanent life insurance is to provide a death benefit. Using permanent life insurance accumulated value to supplement retirement income will reduce the death benefit and may affect other aspects of the policy.