If the economic downturn has forced you to rethink your plans for retirement, it's a good idea to discuss your concerns with your spouse or partner. In many households, retirement is an even more contentious topic than politics, religion or whose turn it is to walk the dog. A study by Fidelity Investments found that more than 80 percent of couples disagree about a major component of their retirement planning, such as the age at which they plan to retire, whether they'll wor
k in retirement or where they'll live after they retire. "People need to save more, and in order to do that they need more knowledge of their expenses and investments and together what they want out of their retirement," said Kathleen Murphy, president of Fidelity's personal investing unit. David Kay, a financial planner in Dayton, Ohio, said that among the couples he advises, one spouse usually assumes primary responsibility for the finances. "Generally, it's a result of personal preference," Kay said. "One of the two tends to be more interested in the financial dynamics of the family." The less-interested spouse, he adds, "is more than willing to pass on those duties. As a result, there isn't much conversation between the two individuals when it comes to retirement planning." Know your finances There's nothing wrong with playing to each other's strengths. If you're a gourmet cook and your spouse can't use the microwave without starting a fire, it makes sense for you to handle most of the meals. But both spouses should have a general understanding of family finances. Otherwise, if the spouse who manages the money dies or becomes disabled, the surviving spouse "will have some huge catching up to do," Kay said. The couples surveyed were aware of this problem: Only 15 percent said they were confident that one spouse could handle family finances if the other died.
k in retirement or where they'll live after they retire. "People need to save more, and in order to do that they need more knowledge of their expenses and investments and together what they want out of their retirement," said Kathleen Murphy, president of Fidelity's personal investing unit. David Kay, a financial planner in Dayton, Ohio, said that among the couples he advises, one spouse usually assumes primary responsibility for the finances. "Generally, it's a result of personal preference," Kay said. "One of the two tends to be more interested in the financial dynamics of the family." The less-interested spouse, he adds, "is more than willing to pass on those duties. As a result, there isn't much conversation between the two individuals when it comes to retirement planning." Know your finances There's nothing wrong with playing to each other's strengths. If you're a gourmet cook and your spouse can't use the microwave without starting a fire, it makes sense for you to handle most of the meals. But both spouses should have a general understanding of family finances. Otherwise, if the spouse who manages the money dies or becomes disabled, the surviving spouse "will have some huge catching up to do," Kay said. The couples surveyed were aware of this problem: Only 15 percent said they were confident that one spouse could handle family finances if the other died.For further details visit as : http://www.suntimes.com/lifestyles/1679459,HOF-News-EasyRetire23.article
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