Just the 2 of You
Negotiating Your Retirement Goals

You and your partner may have picked your way through the dicey terrain of in-laws, homebuying, child rearing and household chores. But have you ventured into the hazards of retirement planning? A 2011 survey found that planning for your golden years may not be all sunshine. Many couples not only disagree about their retirement lifestyle and timing, but 73 percent of couples don't agree on whether they have a detailed plan for retirement income.* Whether retirement is looming or appears a mere speck on the horizon, talking with your partner about your vision for life-after-career can pave the way for a smooth transition.

To clarify your thoughts about retirement and ensure that you and your partner are on the same page, try using the classic information gathering formula – who, what, when, where, why and how.

Who will retire? Do either of you even want to retire? An AARP survey of baby boomers found that 87 percent of people ages 54 to 64 believe their generation will continue to work past traditional retirement age.** Gender, job satisfaction, age, financial stability and health may affect whether you're ready to quit working.

What does retirement mean to you? Does it involve travel, family, old hobbies, new skills or even a new career? Defining goals for retirement will illuminate for you and your partner what you are working toward and where you may need to compromise to resolve any conflicting aspirations.

When will you retire? The wider the age gap between partners the less likely a couple is to retire together since the younger partner may not yet be eligible for Medicare or retirement benefits. Social Security benefits may also affect your timing, since the longer you delay collecting Social Security up to age 70, the higher your monthly benefit will be.

Where will you live? Your address will affect your lifestyle and financial picture. Consider your geographic location and whether you'll downsize, maintain a second home or stay put.

Why are you ready (or not) to retire? Leaving behind the daily grind can be an opportunity for growth and relaxation, but it can also cause concerns about having too much together-time with your partner or a loss of purpose, structure and even cognitive ability.

How will you retire? Evaluate your spending, differentiating between essential and discretionary expenses. And calculate your expected retirement income from personal savings, Social Security and retirement plans.

A PFCU Investment Consultant can help you and your partner keep your retirement discussion going, determine realistic goals and map your course along the road to happily-ever-after.

Diane Dix………..215-735-8901
John Gillis……….215-934-4072

* Source Fidelity Investments, "Couples Retirement Survey," fidelity.com.
** Source: AARP, "Poll Spotlights Perception of Boomers," Jan. 1, 2011, aarp.org.

The Financial Consultants of Philadelphia Federal Credit Union are registered representatives of and offer securities through Linsco Private Ledger (LPL), members FINRA/SIPC. Philadelphia Federal Credit Union is not a broker/dealer and is not affiliated with Linsco Private Ledger. Please note that neither this financial institution nor any of its affiliates give tax advice. Consult a tax advisor for information specific to your situation.

Investment Products:
  • Are Not Credit Union Guaranteed
  • May Lose Value
  • Are Not NCUA Insured
Powered by BlueSpire Strategic Marketing