Home > Personal Finance > What to Do If You Want to Retire & Your Spouse Doesn’t

Comments 0 Comments

No matter how aligned you and your spouse may seem, there are sure to be road bumps in any marriage. Don’t let planning for retirement be one of them. There are many strategies when it comes to saving for retirement and everyone may have an individual style or approach. When it comes to timing, you and your spouse may have very different ideas about when is a good time to leave the workforce.

1. Define ‘Retirement’

No matter what stage you are at in your career, you probably notice that there is a shift in retirement trends. More women are in the workforce and have their own savings and outlook on how they want to live in retirement. There is also a strong inclination toward gradual retirement as well as longer working lives. Many Americans are taking on part-time work or maintaining their own business or consulting service well past age 65. This means retirement is no longer necessarily one drastic transition, but often a multi-part process. This means there is a lot more for couples to negotiate.

2. Talk It Out

Communication is key in any decision. The question of when to retire involves many factors — money, job satisfaction, age difference and future plans. Will you both retire at the same time? Will either or both of you work freelance or part time? Will you move or stay put? Will you travel or live simply?

In addition to these factors, it’s a good idea to consider your marital happiness and how you work better (with some alone time, with separate projects, etc.). It’s important to be confident and clear when you communicate your vision and priorities with your partner. If you are not able to do it on your own, you can always seek professional help through financial advisers, marriage counselors or both.

Depending on what you want or your partner feels he or she needs, you may think about taking on new roles. If you were once the breadwinner but your spouse is willing to work more if you could contribute more to the family, you may be able to step back. Meanwhile if you are unhappy in your position, you may need your partner to take the reins while you look for a more fulfilling job.

3. Make the Plans

Once you have reached an understanding and hopefully a compromise through speaking openly and honestly with your spouse, you may think you are all set. But, having a detailed plan on how to get there can make all the difference. How much will you have to save each month to reach your retirement age goal? Once you’ve figured that out, it’s a good idea to make a new budget that accommodates that. Debt can also be a huge weight on your retirement savings. You can see your lifetime cost of debt here to see what you’ll be looking at spending to borrow. A better credit score can lower that total, so check your credit scores for free on Credit.com to see where you stand and what you can do to improve your credit.

You also want to think about locations — some places are better for retirement than others, tax, weather, and living cost wise. You may also need to consider health factors and access to the care you or your partner may need as time goes on. Will you need to move to reach your retirement goals? Are you able to? Or do you want to move once you retire and how will that impact how much you need to save?

So even if your spouse doesn’t have the same ideas about retirement saving or timing as you do, it’s important to communicate and make plans to get you both there.

More Money-Saving Reads:

Image: iStock

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team