This Valentine’s Day, most couples likely spent their dinner dates reminiscing about meeting for the first time, gushing over well-selected gifts and commenting on how lucky they were to get a reservation on such short notice. It’s a safe bet to assume that they didn’t discuss their retirement plans.
Naturally, couples spent Valentine’s Day focusing on their relationship instead of their retirement. A strategy for funding the future does not come in a box of chocolates, and certainly isn’t wrapped in red and pink foil.
However, failing to address what it takes to save enough for retirement could result in anything but a sweet surprise down the road. Here are three tips about retirement planning for your couple clients, now that the roses have been exchanged.
(1) Vow to plan together for a better retirement: Studies continue to show that Americans are deeply concerned about running out of money in retirement. This worry is driven by increasing life spans, the fact that fewer employers are offering defined benefit retirement plans and potential challenges for Social Security in the years ahead.
This presents a real need for professional guidance to help couples develop a shared vision. Only one quarter of primary financial decision-makers have a formal retirement income plan, according to the LIMRA Secure Retirement Institute. This means that advisors have the opportunity to provide guidance that can help couples see retirement planning as a chance to shape and help secure their shared future.