Skip to main content

The Globe and Mail

Your money, my money: How spouses annoy each other in retirement

gpointstudio/Getty Images/iStockphoto

I was talking with a financial planner recently who said he wouldn't discuss retirement planning with clients unless both partners in a relationship came into his office. The reason is that couples have to agree with each other on the kinds of issues covered in this list – age of retirement, how much money to leave the kids and more.

When discussing the age you plan to retire, consider the benefits of a staggered retirement, including the opportunity for the working spouse to build up more retirement savings. Now for some things not to do as a couple planning for retirement. Topping the list: Thinking in terms of "my money, your money. (There are a lot of U.S. retirement references in this article, but some universal themes as well.) Here's some retirement advice for couples with a significant age difference.

Want to know how financially ready you and your spouse are for retirement? Try a new measure I wrote about recently called the Living Standard Replacement Ratio.

Subscribe to Carrick on Money
Click here to have my newsletter e-mailed to you twice weekly.

Bank tellers under pressure to sell
A CBC report documents the pressure branch staff at Toronto-Dominion Bank are under to sell products. A handy response to all in-branch sales pitches: "Thanks, I'll Google this product at home and see what people think."

Worried about a tax hit if you sell your stocks?
The Blunt Bean Counter blog discusses a matter I've been asked about a lot over the years – what investors should do about stocks they've held for ages in a non-registered account. Sell the stocks and there will be a tax hit on the capital gain.

How one family ended up renting a dog
I'm including this story to make sure you're aware of an expensive new trend in the United States of financing things like a dog, a bridal dress and more using lease financing. You make monthly payments and then have the option to make a big final payment to take ownership.

The personal finance classic that changed his life
A blogger writes about The Millionaire Next Door, a book he has read at least six times.

Robo-advisers and the next stock market correction
People in the traditional investment advice business say one of the big benefits they offer clients is hand-holding and reassurance during stock market crashes. Here's a look at how robo-advisers – tools that manage portfolios for you online at a low cost – are planning to keep clients calm during the next market downturn.

In defence of dollar-cost averaging
A young financial blogger does a nice job here of defending dollar-cost averaging, where you invest small amounts in a gradual way rather than dropping a big amount of money in one go. Academic studies have found that lump-sum investing usually outperforms.

Today's featured financial tool
Find out how long it will take to reach your savings goal with this calculator.

Ask Rob
The question:
"I am a young investor who recently realized her portfolio is unbalanced. It is way too heavy on stocks (about 90 per cent). I have $5,000 to invest in bonds right now to help straighten this out. What bond index funds do you recommend for long-term investments?"

My reply: Hold up. Having 90 per cent of a portfolio in stocks when you're a young investor can be OK, if you're comfortable focusing on the long term and not too worried about short-term market corrections. If you want more stability, then consider the bond index fund options I mentioned in my recent Gen Y How To Get Started With Retirement Investing Guide. "

Do you have a question for me? Send it my way. Sorry I can't answer every one personally. Questions and answers are edited for length.

Featured Video
A series of videos on women and money is offered by the Financial Planning Standards Council, which oversees the Certified Financial Planner (CFP) designation in Canada. The topics are: Why women stress more about money, women and financial self-confidence, building money confidence, and women and financial planners.

More Carrick and money coverage
For more money stories, follow me on Twitter and join the discussion on my Facebook page. Millennial readers, join our Gen Y Money Facebook group.

Send us an e-mail to let us know what you think of my newsletter.

Report an error Licensing Options
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at privacy@globeandmail.com.