As in most marriages, the subject of finances can be a stressful topic. But it doesn't have to be that way.
Over the years, you and your spouse have probably learned how to communicate about finances, but what about your finances during retirement? You can take some simple steps to help ensure you're on the same page and headed for success.
- Pray for wisdom and unity in your financial decisions.
- Openly discuss your current finances and set expectations for the future.
- Create a plan to help you reach your shared goals in retirement.
Openness and honesty are crucial to any healthy relationship — and this certainly extends to your finances. So make some coffee, grab a seat and have a straightforward conversation about your financial union.
Here are some helpful questions to start the discussion:
- What debt do we currently have?
- How do we plan to make space for giving during retirement?
- What are our typical spending habits? (You should be able to say, "My spouse is a penny-pincher when it comes to _____ but spares no expense on _____.")
- How long do we plan to live in this apartment/house?
- How often should we go out to eat versus cook at home?
- Would it make sense for one of us to retire first or both of us to retire at the same time?
- What expectations do we have for retirement? Are they the same as my spouse (e.g., leisure, continued ministry, volunteering, part-time work, traveling, spending more time with family)?
- Have we designated our beneficiaries?
Once you've established some common ground, we recommend using our Retirement Income Calculator to help determine potentially how much income your retirement savings may provide you in retirement.
Once you have an idea of how much income you’ll have in retirement, it's time to create a shared retirement income budget. One of the most important aspects of planning any budget — pre- or post-retirement — is determining where your money is going. Resources like Mint or You Need a Budget can also help you stay on track toward your goals.
Communicating openly and frequently will help secure your marriage and your money. And remember, God gives one talent to some and 10 to others. It's important that we understand that it's all His — no matter what we have. We aren't called to worry over money; rather, we are called to be good stewards of what God has given us.
About the author: Kyle Phillip is a financial advisor and has served with GuideStone® for the past nine years. He has been married to his wife, Bethany, for 10 years, and they are proud parents of two daughters, Anna and Heidi.