Are you and your spouse or significant other avoiding the “money talk”? Are either one of you or both of you approaching retirement? Equally, if you’re single, have you taken the time to have the “money talk” with yourself? Are you close to retirement age?
Whichever scenario fits your situation, you will have to address this issue sooner or later so you may as well do it now, before you retire. Discussing money demands open communication, be it with a partner or, if you’re single, between you and your financial advisor. Any dialogue about your money will go a long way in helping you understand and achieve your individual and/or mutual financial goals.
Sometimes it’s hard to talk to someone else or even acknowledge the need for a conversation about finances. Things like differences in values, attitudes and financial priorities can make conversations concerning money a source of stress and conflict. However, it’s a good way to discover if you and yours are on the same page.
Don’t Wait, Do It Now
People often put off or avoid the money topic until it’s too late. To be well prepared for retirement and its financial ramifications means not procrastinating. A frank “money talk” conversation can ensure that you and your partner (or just you) are working towards a viable financial goal – for the two of you, or just yourself as the case may be. Making money decisions once you’ve retired is really not advisable.
4 Positive Results of the “Money Talk”
- You’ll gain a firm understanding of where you (as an individual or in the context of a couple) stand financially. A conversation will shed some light and provide insight as to where you want to be and the steps you need to take to get there.
- A talk will help assist in the development of a realistic budget. This may mean the need to make some short-term sacrifices from all parties involved in order to achieve mutual long-term dreams.
- Learn how to cooperate and make joint decisions about how and what to spend or save. Again, this will be based on your financial goals.
- You’re more likely to end up being better prepared to build a financial plan together if you’re a couple. Even that process will encompass a discussion related to short- and long-term objectives, both as a couple, and as individuals.
At the end of the day, it’s important that you and your partner are on the same page when it comes to your mutual retirement financial goals. Sit down together – soon – and have an honest discussion… your future depends on it.
Call Your Advisor Today!
Keep in mind that the Coastal Community Private Wealth Group team are ready and able to assist you in any way possible with planning your retirement and helping you to fulfill your goals.