We endured college so we can land a good job in the future. So, we got lucky and landed a good job here in Singapore and saved diligently after that. What is next after landing a good job? That would be preparing for the family. It is high time that we need to talk about money.
There are people who never dwell in conversations about money or finances. In fact, some people think that it is awkward and assuming if we talk about money to our partners. If we really want to make a strong foundation for our future family, money should be given much thought.
For people who already talked about money matters, they thought that they already figured it out but it turned out a failure. However, there are people who are wise enough to consider many things when it comes to money. There are couples who consider increasing their savings rate and selecting their investments as early as possible. In fact, there are some who consider their retirement plans.
Not all Singaporeans think about retirement at a young age. If we want to be stable even if we are old and unable to work, we have to think now before it is too late. The discussions about retirement should be taken seriously. Here are some things that couple need to consider for a harmonious retirement:
- Meet the advisor: The first step in ensuring a harmonious retirement is to approach the financial advisor. This is a challenge since there are a number of advisors around offering their service and each one with different ideas. We have to look for an advisor that understands our needs and our goals.
- Timing: Retiring is not easy as settling down when we are old and let our children take care of everything. Retiring is complicated and it entails many factors like financial needs, health, job and social security. With this, it is crucial that we choose the right retirement date so we can determine our savings and the lifestyle that we are going to take.
- Spending priorities: Couples should discuss what retirement looks like. We may want to travel the whole world when we retire but our partner simply wants to stay at home. If this is the case, it creates an impact on how much we need to save. We do not want to risk outliving our savings because our partner wants to spoil the family.
Having retirement conversations is not assuming or awkward at all. In fact, talking about retirement inspires many couples.