Skip to main content

6 Retirement Conversations Every Couple Needs to Have

By U.S. News & World Report

As you look forward to retirement, you probably have at least a general idea of how you hope your life will unfold in the years to come. You may have visualized where you want to live, where you hope to travel and when you would like to retire. You might have an assortment of bucket list items you’d like to accomplish someday.

Have you shared these dreams, desires and goals with your spouse? It’s important to see how closely they align with those of your spouse. It’s easy to envision your ideal future with your spouse by your side, without actually getting your spouse’s input and buy-in.

[See: 10 Alternatives to Full-Time Retirement.]

Here are six conversations that will help you and your spouse create a retirement lifestyle plan that you will both enjoy.

1. When do you plan to retire? Often, one spouse will retire before the other. This may occur due to an age difference. Maybe one spouse is laid off, accepts an early retirement package or qualifies for his or her employer’s retirement benefits sooner that the other one. Perhaps one spouse is happily engaged in a fulfilling career while the other has reached a career dead-end and is ready to move on.

Having one working spouse and one retired spouse requires some conversation to align expectations. If the spouse who retires first dreams of traveling extensively, that will have to be postponed. Perhaps the working spouse will now expect a home-cooked meal each day after a long day at work, and he or she will expect the retired spouse to do a lot more of the housework. Perhaps one spouse doesn’t want to retire at all, while the other is eager for some leisure time.

2. How much money do you need to have saved? This is a complicated question, and the answer depends a lot on what kind of lifestyle you hope to enjoy after you retire. You might wish to live in an upscale retirement community and travel extensively or be willing to downsize and become more frugal in order to retire sooner or make up for not having saved enough. You will need to decide if you want to have money left over to leave to your heirs or spend it all on yourself and your spouse.

Just as money matters are an essential discussion topic during your working years, how much money you’ll need for your future is equally important to discuss. Your understanding of finances and assumptions for how much money you’ll need could differ significantly. Both of you need to align on the kind of lifestyle you hope to enjoy during retirement in order to agree on how much money you will need to support that.

3. Where and how do you want to live? You will need to decide if you want to move after you retire or stay where you are. And even if you stay in the same area, perhaps you will want to downsize to a smaller home.

There’s also the question of how you want to live. Do you want to live in a senior community or stay in a neighborhood with people of all ages? You can choose to live lavishly or frugally. Retirees have the option to travel the continent in a recreational vehicle or even move to a foreign country.

To help guide your discussion, first establish what criteria are most important to you. This will provide a framework that will make it easier to focus on places you’ll be more likely to enjoy and avoid places that may seem attractive but lack important qualities that you value.

[See: 10 Retirement Hot Spots in the U.S.]

4. What activities do you plan to pursue? You probably have a good idea of what activities will fill your days after you retire, but it’s important to compare your list with your spouse’s to see how closely your lists align. Talk about which of your desired activities you will do together as a couple and which you will do on your own. You’ll want to agree on the ratio of one to the other.

5. How much time do you plan to spend together? During your working career, your work schedules necessitate spending a lot of time apart, unless you own a business together or both work from home. After you stop working, you’ll see a lot more of each other. Regardless of how much you enjoy each other’s company, suddenly being together constantly will require significant adjustment.

One of you may envision spending all your time together and doing everything as a couple while the other may desire time alone for reading or participating in solo projects and activities. Your visions of how much time you spend at home versus outside the home may be different as well.

6. What family obligations will you have? Your retirement visions probably focus primarily on you and your spouse. However, other people in your lives may complicate the picture, and the two of you may have differing views on how you will handle these situations.

For example, how will you respond if an adult child asks to live with you due to unemployment or a divorce? How will you handle a request to help care for grandchildren? Will one or both of you have aging parents who need additional care? Scenarios such as these can impact many aspects of your retirement. In addition to the financial impact, they may also influence where you live, how much you can travel and how much free time you have.

One of you may feel that you’ve earned your retirement and you need to stand firm in not letting these requests and situations hijack your golden years. The other may feel a stronger pull to help the family members in need.

You should also discuss how much time you want to spend visiting family members, and how important it is to live near them. If your family members are geographically dispersed, how will you choose who you’ll be closer to?

[See: 10 Financial Perks of Getting Older.]

You shouldn’t assume that your spouse envisions the same future that you do. For every couple, there are many potential differences which require both partners to talk openly and be flexible in order to find the right balance. But with a series of thoughtful, honest conversations you can resolve many of these issues in a way that satisfies both of you.

Dave Hughes is the founder of Retire Fabulously.

More from U.S. News

10 Places to Retire on a Social Security Budget

50 Affordable Places to Buy a Retirement Home in 2016

10 Classic (and Unique) Retirement Gift Ideas

6 Retirement Conversations Every Couple Needs to Have originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
Read Next Story

Related News

Frustration grows in Venezuela as earthquake death toll reaches 1,430

Israel and Lebanon sign framework agreement with US in ‘first step’ toward peace, Rubio says

Trump-endorsed populist poised to become Colombia’s next president as rival challenges vote