Are You and Your Spouse on the Same Page?

After 24 years of marriage, Joe and Jane often finish each other’s sentences. So imagine how surprised they were when some differing goals emerged during a recent retirement income planning discussion with their financial adviser.

As the adviser led the couple through an exercise designed to help them set retirement priorities, they discovered that Joe was eying a particular pocket of savings to enable his early retirement. Jane, on the other hand, viewed that same account as a fund for their children’s college education.

Such discrepancies are common, even for couples who communicate well.

“When you’ve lived with someone a long time, you may assume you know what your partner is thinking,” said Donna Peterson, senior vice president in Retail Retirement at Wells Fargo. “If you’re not on the same page, you could thwart each other’s objectives without knowing it.”

As in the example of Joe and Jane.

Taking the Long View

Uncovering such differences and deciding how to handle them is a critical early step to building a retirement income plan for both partners. During this first stage, your financial adviser will ask each of you key questions, such as when you want to retire, where you’d like to live, and how you ideally would fill your days during retirement.

The answers to those three questions in particular can affect major financial decisions you make as a couple throughout your marriage, so it’s best to start discussing them well ahead of retirement. For example, if you’re in the market for a new home, decisions about how much to spend and how long you’ll stay there may change when viewed through the lens of retirement.

It may make sense to economize on a house you intend to occupy only until your children are through grammar school, or to invest more heavily in a lifelong residence. The size of the mortgage can also affect how much you contribute to retirement savings, as well as whether you enter retirement carrying debt.

Buying a home is just one choice into which retirement can factor.

“Responsibilities to family, such as paying for education or caring for older relatives, can influence your plans too,” Peterson said. And just as circumstances may change, so too can your retirement income plan — but it’s important to start with as complete a vision as possible.
 

Starting the Conversation

Surprisingly, Peterson recommends that you and your spouse meet with your financial adviser to discuss your retirement goals in detail.

“The most successful retirement plan conversations are generally a little spontaneous, so allow your financial adviser to serve as the catalyst for the discussion as well as your guide through it,” she said.

Pittsfield ZBA Member Recognized for 40 Years of Service

By Brittany PolitoiBerkshires Staff
12:23PM / Thursday, April 25, 2024

Albert Ingegni III tells the council about how his father-in-law, former Mayor Remo Del Gallo who died at age 94 in 2020, enjoyed his many years serving the city and told Ingegni to do the same. 

PITTSFIELD, Mass. — It's not every day that a citizen is recognized for decades of service to a local board — except for Tuesday.

Albert Ingegni III was applauded for four decades of service on the Zoning Board of Appeals during City Council. Mayor Peter Marchetti presented him with a certificate of thanks for his commitment to the community.

"It's not every day that you get to stand before the City Council in honor of a Pittsfield citizen who has dedicated 40 years of his life serving on a board or commission," he said.

"As we say that, I know that there are many people that want to serve on boards and commissions and this office will take any resume that there is and evaluate each person but tonight, we're here to honor Albert Ingegni."

The honoree is currently chair of the ZBA, which handles applicants who are appealing a decision or asking for a variance.

Ingegni said he was thinking on the ride over about his late father-in-law, former Mayor Remo Del Gallo, who told him to "enjoy every moment of it because it goes really quickly."

"He was right," he said. "Thank you all."

The council accepted $18,000 from the state Department of Conservation and Recreation and a  $310,060 from the U.S. Department of Transportation's Safe Streets and Roads for All program.