Most people have some sort of vision as to what they want their life in retirement to look like. Yet, all too frequently we hear that couples haven't discussed these visions with each other to ensure they are on the same page.
Importance of vision
Before you start planning for your retirement, it is important that you and your partner have a conversation about what you both want your retirement to look like.
In the same way that it is difficult to build a piece of furniture without knowing what the end product should look like, it can be difficult for you and your partner to adequately plan and prepare for your retirement without knowing where you want to end up.
So, in order to be prepared for your retirement, it is important to sit down with your partner and ask them about their dreams, goals and aspirations and make sure you are both on the same page.
Ask each other questions like:
- When will we retire (age)?
- Will one or both of us keep working part time?
- Will we sell our family home and downsize or keep our current home?
- If we sell, where would we live?
- What activities and hobbies should we pursue?
- What family commitments will we have?
- Are we likely to have friends in the same position?
- Will we go travelling? Where would we go and what standard of travel (luxury or backpackers) do we want?
Once you have a good understanding of what you both want from retirement, you will be able to plan for the future more successfully.
Get your money in order
After agreeing on your joint vision, you will need to establish how much money you will have in retirement and whether it is enough to bring your vision to life. At Mortgage Choice, we have a network of financial advisers who can help you plan and prepare for your retirement.
Our financial advisers can talk to you about your dreams, goals and aspirations and help you identify exactly how much money you will need in retirement savings to make those goals a reality.
If you want to do a bit of your own research before speaking to our financial adviser, our industry-leading Retirement Income Calculator can help. This can help you work out how much money you will have to spend each year in retirement, and the type of lifestyle you might be able to afford.
Contact us today to book in an obligation-free first appointment with one of our financial advisers.
You might also be interested in:
- Use our free Retirement Income Calculator and see what you could expect in your retirement and whether your current investment strategy is right for you