Only half of retired couples share vision for retirement, TD poll finds
Of Canadian retirees who are married or in a common-law relationship, only half have the same vision for their retirement as their partner and 19% admit to conflict in their relationship because of this, the TD Waterhouse Couples and Retirement poll finds.
Thus, one spouse may want to stay home and enjoy the grandchildren while the other prefers to travel the world. One's idea of the perfect retirement is golfing every day while the other wants to volunteer. Yes, that "retirement of your dreams" that rival RBC says will be enjoyed by only one in four looks like it will be colored by the values of the retiree. Clearly, couples need to have frequent chats about their vision of retirement and make sure they're on the same page, the TD Waterhouse Couples and Retirement poll suggests.
19% feel conflict over different dreams
It finds 51% of retirees say they had no idea, or only a vague idea, of what they wanted their retirement to look like and of those who are married or living common law only half had the same vision for their retirement as their partner. 19% say there is conflict in their relationship because they have different retirement dreams.
"Retirement planning as a couple is about more than just saving money — you need an understanding of what you would like to do together and recognize that your vision will evolve over time," says senior vice president Patricia Lovett-Reid [pictured, right] in a press release issued Wednesday, 
"The key to a rewarding retirement is to discuss your lifestyle goals, and how your finances can help you meet these goals."
One in five retired couples feel constrained by reduced income
The poll also found 34% of retired couples say they're closer than ever because they can spend more time together. But 19% say the hardest thing about adjusting to retired life is not being able to do all of the things they used to do because of a reduced income, while 14% say it is coping with change.
"Retirement creates a whole new dynamic for couples who have spent years together in the same comfortable routine of going to work and raising kids," says TD relationship therapist and TV personality Joe Rich [pictured above]. "There is an adjustment period that most couples experience when that routine changes. Getting ready emotionally to deal with that new reality can be tougher than people think – but talking to each other about your retirement expectations – and fears – can help to work through any issues, together."
Definitions vary of "retirement plan."
For 44%, Canadian retirees think a retirement plan is about thinking out lifestyle goals and how finances can help reach those goals. For 19% it's about developing a diversified investment strategy, for 15% it's about putting money aside in an RRSP each year and for 13% it is contributing to an employee pension plan. Click here for a TD resource to help focus on this.
Don't avoid the difficult conversations
"Retirement can be one of those taboo topics that couples tend to avoid, just like talking about sex, money troubles or problems with the kids," says Rich, who is the author of Parenting: the Long Journey. "It is important to tackle this subject head-on with your partner long before you retire in order to avoid conflict down the road."
Lovett-Reid agrees, "If you're saving madly for a trip around the world, and your spouse is planning on starting a business, you might be headed for some challenges. Couples who discuss their dreams openly and work with a financial advisor they trust can create a roadmap for success."
The poll of 1,002 retirees aged 55 or over was conducted in mid January by Angus Reid Public Opinion and included 746 retirees who are married or common law (presumably 373 couples).
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Source The Wealthy Boomer : Retirement
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