You know the old saying “Happy wife, happy life?” Well, retirement planning is certainly no exception to the rule. We have some tips for you and your spouse so that you both walk away happy.

Remember the “three things to avoid in polite conversation?” Money, politics, and religion? Well, when it comes to your relationship, discussing your finances with your spouse is a whole other story. Communication is key to finding financial security, peace of mind, and freedom in retirement (and hopefully, limiting the number of arguments you have with your partner.)

Among the topics that spark disagreements among couples, money tops the list. A recent survey found that nearly 7 in 10 Americans married or living with a partner have had a disagreement with their partner about finances within the last year alone. Additionally:

• Only about 16% of couples surveyed feel they are financially compatible with their spouse.
• About 27% of married couples argue at least once per month.
• About 22% of married individuals argued most about their budget.
• 35% of disagreements between couples are related to fears about market risk and the economy more often than personal spending philosophies. ^[1]
• 29% of couples disagree about whether to spend for today or save for tomorrow. (Orion study)^[2]

A recent Accenture survey on couples and finances found that 51% of couples already view their current advisor as a life coach.^[3] Here at PCIA Charleston, we are happy to help ease the tension surrounding conversations about money with your partner. A financial plan that works for both of you is more likely to be successful in the long run.^[4]

It’s essential for both partners to meet with your financial advisor when preparing for retirement because of the long-lasting implications involved in the process. Financial advisors/planners can facilitate the more challenging topics and open the conversation in order to calm the tensions and offer solutions that maintain proactive and positive dialogue.

Here are some of the topics you should discuss with one another and with your advisor, especially when you are age 55+ and are seriously beginning to consider the retirement phase of life.

• When do we want to retire?
• What are we going to do when we retire?
• Where do we want to retire?
• How much do we want to spend in retirement?
• How much do we want to save before retirement?

Advisors act as a sounding board, an unbiased and emotionless third party to assist in the process. Fiduciaries are both legally and ethically obligated to act in your best interest and manage your finances as such.

Please reach out to our office at 843.743.2926 and schedule a conversation with Jason Noble.

Don’t miss Clear Picture Financial, Jason Noble’s radio show and podcast each Sunday, where you will learn how you can protect your portfolio and stay on course with your long-term financial and retirement plans. Jason and his team help retirees, those who want to retire early, and business owners who are looking for a work-optional lifestyle.

61423013 MKS

This article is provided for general information only and is not to be construed as financial or tax advice. It is recommended that you work with your financial advisor, tax professional and/or attorneys when tax planning.

Advisory products and services offered by Investment Adviser Representatives through Prime Capital Investment Advisors, LLC (“PCIA”), a federally registered investment adviser. PCIA: 6201 College Blvd. Suite #150, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management (“PCWM”) and Qualified Plan Advisors (“QPA”).

^[1]https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/about-fidelity/Fidelity-Couples-and-Money-Fact-Sheet-2021.pdf

^[2] https://orion.com/wp-content/uploads/2023/01/Orion-Advisor-Solutions-Couples-and-Money-research.pdf

^[3]https://www.businesswire.com/news/home/20230214005279/en/Orion%E2%80%99s-New-Behavioral-Finance-BeFi-Study-Reveals-Half-of-Couples-Consider-Dishonesty-About-Money-a-Form-of-Infidelity

^[4] https://newsroom.breadfinancial.com/making-cents-of-love-and-money