Over the years, you and your spouse have probably had many wonderful conversations about your retirement dreams. Maybe you talked about traveling to exotic destinations. Maybe you have always wanted to move closer to the grandkids. Or you might have dreamed of taking up those elusive hobbies neither of you had quite the time to pursue.
Of course, there are many things to discuss for retirement so you can prepare for a retirement lifestyle that you both find meaningful. One thing you may not have discussed, or agreed on, is how to harmonize your grand plans with your retirement income plan. Because not only will you need money to fund that retirement wish list… You will still need income to support your everyday needs, not to mention healthcare and other potentially costly unknowns.
What will those needs be? That seems to be where the disagreement begins. According to a Fidelity Investments Couples Retirement Study, almost half of the couples surveyed (47 percent) disagreed on how much they needed to save to maintain their current lifestyle in retirement.
One reason may be the small percentage of couples who have taken time to develop a detailed retirement income plan… just 21 percent, according to Fidelity.
