Is Your Partner Undermining Your Retirement?
In general, couples are able to accumulate greater resources and more wealth than single people. However, far too many couples not only fail to save for retirement, they might be ruining their chances for financial stability even if they are saving. Here are a few warning signs that your significant other (or you) could be sabotaging your future.
When one part of a couple has expensive tastes that aren’t supported by income, that can spell doom for retirement. This is particularly true if that person tries to keep their spending a secret. While trust is essential in any relationship, don’t let your trust blind you to a possible financial meltdown. Discuss your spending habits and if you need to scale back significantly. If you suspect that your significant other is spending money on the sly, check your existing accounts, as well as your credit report for new credit cards or accounts that might have opened up.
Taking all (or no) responsibility.
Retirement planning should be a joint endeavor. Don’t do all of the work yourself, and certainly don’t rely on your partner to carry the entire burden. Even if there is a significant income disparity, both members’ active participation could bring numerous advantages, including employer 401(k) matching funds, and tax breaks.
Failing to calculate the goal amount.
What do you plan on doing once you retire? Whatever you decide will let you know how much money you’ll need. If you plan on taking vacations, learning new languages, taking music lessons, you’ll need the resources to cover that in addition to your living expenses. Retirement isn’t just sitting at home – it’s the beginning of a new life!