“The single biggest problem in communication is the illusion that it has taken place.”

– George Bernard Shaw

 

This quote is very powerful and one that greatly comes into play with retirement and communicating with your spouse.

“Where do you see yourself when you retire?” It’s a great starting question that ideally takes place in multiple conversations before planning your investment strategy. It is important to discuss plans for the future together. It should encompass not just financial issues, but what type of lifestyle you hope to enjoy. You may not see eye to eye on all the decisions, but hearing the other person and compromise is key to all good communication.

Many factors come into these discussions that impact your investment decisions:

  • Where do you wish to live?
  • How do you plan to spend your time?
  • Do one of you wish to have a part time career or volunteer?
  • Are travels part of your dream retirement?
  • How will you balance together time versus individual time?
  • Are there family considerations?
  • What is the timing of retirement for each of you?
  • What are the specifics of your pension or social security?

These valuable conversations can start much earlier than many couples believe. You may be busy in your forties and fifties with your children’s activities or thinking of college, but it is the perfect time to start the ideas and communication flow. It could even be turned into a fun “retirement dream date” conversation. These conversations will probably evolve over time and quite possibly change in your sixties. And, that is ok! Your wealth management advisor will help you have confidence in your retirement plan so you are motivated to adhere to it and reach your retirement savings goal.

“There are lots of solutions to boost your retirement savings, whatever your age. There is no one-size-fits-all best practice to invest for retirement. I work individually with clients to hear their needs: how long they have until they retire, how much they can save, and how much money they’ll need. Let’s be honest, things change…expenses occur (college, home expenses, etc.) Flexibility and the need to address these changes periodically are paramount to a successful retirement. Together, we create an investment strategy that is customized for your individual needs,” – Jeff Labelle.

 

Jeffrey LaBelle is a Florida based Investment Advisor Representative whose practice offers solutions for focused risk management, institutional style portfolio management, and tax- planning services. His team offers clients a fact-based, conservative strategy approach to preserving capital and investing wisely in an ever-changing world.

For more information contact Gulf Coast Wealth Advisors.

 

* The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.  All investing involves risk including loss of principal. No strategy assures success or protects against loss.