4 Common Retirement Mistakes Younger Couples Make

Calgary Financial Consulting

Many young couples are still clinging to their honeymoon days and not thinking too far into the future. Though many couples appear to have the same goals, sometimes this is not the case. In the months following marriage, one of the first things a young couple should do is sit down with an investment advisor and begin their retirement planning. Unfortunately, this crucial step is often overlooked.

As a financial advisor, I have worked with many couples over the years. Most believed they were working toward the same retirement plan. That is until they started really talking about it. You’d be surprised what kind of disagreements can arise when two people begin forging a path into retirement together. To help couples in their financial planning, I’ve compiled a list of the most common financial mistakes young couples make.

1.  Procrastination: Like most things, putting your retirement planning off until the last minute can create major issues and headaches down the road. One of the biggest mistakes couples make is talking about retirement planning when they’re only a few years from it. There are many aspects to consider when preparing for retirement:

  • Finances – Being comfortable with your new (fixed) income
  • Social Expectations – Activities, travel, social events
  • Emotional Affects – How will you spend your time 

Start talking about retirement plans now to ensure your expectations align with your spouse’s and that your retirement transition is seamless.  

2.  It Takes Two to Tango: I have seen this scenario numerous times in my experience; only one member of a couple attends financial planning meetings. These are important conversations and therefore it’s important both spouses are present. Also, heaven forbid, if something happens to one of you the other is entirely out of the loop and has to get into it at the most stressful time. This is easily preventable.

3.  Lack of Preparation for Unforeseen Events: It’s far more common than most people realize; people get sick, lose their jobs, divorce, or even pass away. Couples that never consider these possibilities are placing themselves in real financial danger. Your retirement planner can assist you with strategies that will cover you in case these circumstances arise.

4.  Different Retirement Times: Most couples imagine their retirement commencing at the same time, but more often than not, it doesn’t.  Whether it’s an age difference or a financial decision, staggering your retirement can be a smart move. The working spouse can provide health coverage for a longer period of time and save costs on individual rates.

Retirement is an exciting time that we all look forward to; it just requires some goal setting and planning.

We help our clients create sustainable, predictable cash flow from their portfolio in the most tax-efficient manner to ensure they never have to worry about running out of money. 

Learn more about our planning process to get your total financial house in order and keep it that way for life. We can ensure you have enough money to fund your current lifestyle, a plan in place that will ensure you reach your future goals, and the confidence to handle whatever comes your way.

 

Retirement Income, Investment, & Tax Planning,

Willis J Langford BA, MA, CFP

Nancy Langford CRS

587-755-0159

 


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