Have you had The Talk with your spouse? The one where you discuss when you should retire, if you should work in retirement and what kind of lifestyle you want during your later years? According to a 2009 study by Fidelity Investments, more than 80% of couples ages 45 to 72 disagree about their retirement plans – and that's if they are even communicating about them in the first place.

The M Word
For many couples, talking about money doesn't come easy. Often one spouse is responsible for handling the everyday household finances such as budgeting and bill payment, and just 38% of couples make investment decisions for retirement savings together.* This lack of communication and familiarity with the financial ropes can create uncertainty about future plans as retirement years get closer. The Fidelity survey reports that just 15% of couples feel confident that either spouse could manage retirement finances alone.

It's not that both partners never think about future finances – the volatile markets have stressed the majority Soon-to-Retire Couples Need to Communicate about Finances of
pre-retirees, and many couples are concerned about health care expenses in retirement as well as inflation's effect on retirement savings.

Even if you and your spouse communicate about finances on a regular basis, chances are good you could still benefit from a deep discussion about your retirement years.

Something to Talk About
Discussing your retirement years should be exciting – after all, it's a time to be free from rigid work schedules and pursue new interests and activities. But it's crucial to have a realistic understanding of your finances while you also talk about the fun stuff.

Set aside time in a quiet space for The Talk. Here are some questions to get you started:

• When do you want to retire?
• Where do you want to live?
• What would you like to do – travel, pursue hobbies, work part-time?
• How are we saving for retirement?
• Are we saving enough?

It's possible this discussion will uncover differences – for example, one of you may want a home on a lake while the other wants a condo in a city. Like in all stages of marriage, compromise may be necessary.

You may not know answers to some questions, especially those regarding money, if you've never talked about them before. That's when assistance from a professional may be invaluable. An Investment Services Representative at Wings Financial Advisors can work with you to create a summary of your finances and make recommendations on how you can best work toward your retirement goals.