It’s easy to get wrapped up in all of the research and planning for moving during your retirement. Have you stopped to discuss the details with your significant other?
In today’s episode of Your Money Minute with Tracy Stewart, CPA, I’ll tell you what couples should talk about before moving during retirement.
Couples who are planning a move for retirement should make sure they are on the same page. There’s more to discuss than simply where you want to live. Do you want a small home? Do you want a large home? Now is the time to mention that swimming pool you’ve always wanted.
Are you envisioning inviting your extended family over for the holidays? You need to discuss what kind of house will accommodate your plans.
Talk about your expectations for the community you live within. Do you want to live in a 55 years and older community where it is quieter and they arrange social events for you? It’s important to know if you both want the same.
If the two of you are moving to be closer to your children, you should also think how it would be if your children decide to move. Will you be in a community where you don’t have any other relationships? Is it going to be okay with you and your significant other if your kids aren’t there anymore?
While you are discussing your children, think about the other extreme. Will your children expect you to watch the grandchildren while they work or are on vacation? It’s best for both of you to share what kind of boundaries you are wanting.
Financial independence is unbelievably liberating. Make the time to talk about your expectations for retirement with your significant other and save more time and money in the long run.