On The Agenda:

Are you and your spouse on the same page when it comes to finances and retirement planning? On today’s episode of How Money Works, Craig and Jennifer Moser explain why getting couples on the same financial page is so important.

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Episode Show Notes:

We see it all the time – one spouse wants to get their financial house in order and the other doesn’t want to be bothered with it. On today’s episode of How Money Works, Craig and Jennifer Moser explain why it’s so important to be on the same page.

“A lot of times it’s a struggle to get a couple in,” said Craig. “To us, it sort of makes your heart sink a little bit when one person in a marriage is the one that’s coming in, because then they are relaying information. This is not simple stuff, honestly. It’s fairly deep stuff, and so it’s important that both of you get on the same page.”

There are so many important questions to consider, including:

  • How should we handle wills?
  • What about taxes?
  • How much do we need for retirement?
  • What income sources do we have?
  • How should we set up our pension?
  • What happens financially if my spouse dies?
  • When should we take Social Security?
  • How will Social Security impact our income?
  • When do we want to retire?
  • What are our retirement dreams?

When we notice that one spouse always defers to the other, we’ll often ask the quiet spouse to talk first to see what their dreams, goals and questions are. We want to understand what everybody really wants.

One of the biggest mistakes couples make in retirement planning is not managing risk in a way that both are comfortable with or really not having a plan. You need to get on the same financial page and get organized.

Important Points:

0:34 – Some couples not on the same page

1:50 – When one spouse defers to the other

2:38 – Examples of couples’ finances

4:35 – Social Security considerations

6:50 – What are your retirement dreams?

8:37 – Mistakes couples make

Other Resources:

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