In the countdown to retirement, you and your spouse must be walking in stride as you check the boxes on your retirement to-do list. When retirement is in your 5 to 10-year plan, it’s time to get serious, and we’re here to help you and your partner align on a plan that suits your goals.

As financial advisors, we’re here to share our knowledge and empower you to have financial discussions that will move you closer to your goal of a comfortable retirement. But before digging into the numbers, creating a detailed roadmap, looking at investment options, or discussing rates of return — take the time to get you and your spouse positively communicating about money to take the stress out of the financial planning process.

Assessing Your Current Financial Situation

As you and your spouse approach the golden years, understanding where you stand financially becomes paramount. This is the foundation upon which you'll build your retirement dreams and goals. You can start by:

Evaluating your combined assets and debts
Discussing current income sources and expenses
Identifying potential gaps in your retirement savings.

By delving into these aspects, you can pave the way for informed decisions and strategic planning as you prepare for retirement.

Strategies for Effective Communication

Effective communication is essential for a healthy relationship, especially when it comes to discussing finances with your partner. To initiate the money conversation smoothly:

Choose the right time and place — you likely know what this means for your relationship. Begin by expressing your willingness to collaborate and address financial concerns together. Maintaining a calm and constructive dialogue.
Avoid confrontation. Don’t blame or make accusations and focus on using "I" statements to express your feelings and concerns.
Practice active listening and empathy. A few tips include: asking clarifying questions to understand their point of view, showing you’re listening by repeating back your partner's thoughts, and making eye contact. Turning off the TV or putting your phone away is often necessary for the other person to feel heard and seen.
Put yourself in their shoes. A bit of empathy goes a long way when it comes to creating a more harmonious relationship.

Creating a Joint Retirement Plan

When you’re on the same page and the setting is right for a constructive conversation, you can jump into the nitty gritty. Aligning on a set of shared goals and priorities is the perfect starting place. When the goal is clear, the road to reaching your goal naturally begins revealing itself.

You might start with the end goal by agreeing on what comes right after you stop working. But don’t forget about the short-term and long-term. Start the conversation about short-term goals by considering:

Paying off small debts
Prioritizing your mortgage or are you planning to make a move to a new location?
Properly preparing for an upcoming large expense
Are there repairs to your home that should be done before retiring? For example, a new roof, new HVAC, etc.
Are there health items you should take care of while you are on your employer's health benefits, remember Medicare doesn’t cover dental expenses.

Now think beyond those initial retirement days. Have you talked about how you’d like to be cared for when you need help with daily tasks? Here are a few talking points to keep the conversation going:

Have you envisioned the kids providing in-home care?
Do you foresee yourself living out your remaining years in the same location you are today?
Do you want to leave an inheritance for loved ones, a charitable organization, or your alma mater?
Is there something on your bucket list you haven’t shared? You can intentionally talk about the hard while navigating back to lighter topics to keep the conversation enjoyable.

Discuss Seeking Professional Guidance

Now that you and your partner are on the same page, it’s time to map out how you’ll reach the retirement life you both envision. This is where having a helping hand can take the heaving lifting off of your shoulders. At Integrated Wealth Management, we have decades of experience in helping eager retirees pave the way to retirement. When you partner with a professional, you:

Gain confidence that you're not missing an important step in the process
Your questions about Medicare or Social Security get answered.
You have someone to turn to when a lemon is thrown your way — because life happens to all of us.
You can rest assured you're not overpaying on taxes and that your financial decisions are orchestrated in a manner to preserve your wealth.
You gain peace of mind about your financial future.

If you and your partner have created a set of common goals around retirement — we’d love the opportunity to join the conversation.

Schedule a meeting with IWM

About Integrated Wealth Management

Integrated Wealth Management is owned by Burt Hutchinson, CPA, CFP®. We’re a CPA-led organization, meaning we’re here to handle your complex tax scenarios and provide cost-saving insight related to your financial plan.

We’re here to guide you through the 3 stages of retirement:

Uncertainty Stage: When you are within 10 years of retirement and have questions about how to make it work
Stability Stage: When you have reached the financial milestone to retire comfortably and confidently
Reflection Stage: When you are looking to leave a legacy

We are also here to provide experienced, empathetic support during times of loss, such as the death of a life partner. You need confidence and a sense of security to enjoy retirement. As fiduciaries with a fee-only structure, we never receive commissions. Free of ulterior motives, you can be sure we’re focused on your goals.

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Disclosure Statement:

This presentation is not an offer or a solicitation to buy or sell securities. The information contained in this presentation has been compiled from third-party sources and is believed to be reliable; however, its accuracy is not guaranteed and should not be relied upon in any way whatsoever. This presentation may not be construed as investment, tax, or legal advice and does not give investment recommendations. Any opinion included in this report constitutes our judgment as of the date of this report and is subject to change without notice.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2 available upon request or at the SEC’s Investment Adviser Public Disclosure website, Past performance is not a guarantee of future results.