How Couples Can Work Through Retirement-Planning Disagreements
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Here's your Money Briefing for Thursday, May 27th. I'm J.R. Whalen for The Wall Street Journal. Everyone wants to have enough in their retirement savings to live comfortably in their post-working years. But when a spouse or partner is involved in retirement planning, things can get tricky. Disagreements can erupt about how to invest those funds for maximum growth.
When you're in retirement, you're actually having to tap into that nest egg, and you're seeing the value go up and down, particularly as it goes down, and you're also drawing money out. That can be really anxiety-provoking.
That's our retirement reporter, Ann Tergesen. She's been talking with financial experts about how couples can work together to preserve their financial future. She'll be here to talk about it after the break.
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As couples approach retirement and a fixed income looms on the horizon, every dollar in the retirement savings is important. But what if there's disagreement over how to invest their savings? Our retirement reporter, Anne Turgason, has been talking to financial advisors about this, and she joins us now to discuss. Anne, thanks for being here.
You're welcome.
So, Anne, let's talk about what's really behind many of these disagreements couples have about investing their retirement. What are the flashpoints that often spark disagreements?
I think given the volatility that we have seen recently in the markets, I think that sometimes you have a situation where the risk tolerance of one spouse doesn't match the risk tolerance of the other. And when markets turn volatile, particularly when people are in retirement and they need to draw down their nest egg,
What common retirement-planning conflicts do couples face during market volatility?
And volatility in the market can be more anxiety provoking. And so when risk tolerances don't match, then, you know, you can see situations where people maybe argue or, you know, or they feel one feels, you know, we really should do this and the other feels, no, we should do that.
And I want to ask you, you actually saw this play out with your own parents. Can you tell us about that?
Well, one of the two had a much higher risk tolerance than the other. And so I remember in particular in 2008, which was a really difficult situation for everybody, they really disagreed. One of them wanted to bail out of stocks entirely and the other one basically wanted to stick to the agreed upon asset allocation and just to continue buying stocks because when the stock market goes down, then you have an opportunity to buy at lower prices to keep your overall portfolio in line with your asset allocation.
Now, retirees being on a fixed income, money going up and down can really mean a lot to them. And in the choppy stock market that we're in, they can see those balances go up and down. And I would imagine that's firing up a lot of the conversations that you're talking about.
Yeah, I think that certainly when you're... working and maybe you're, you know, 20 years from retirement, 15, 30, you know, this sort of up and down can also be anxiety provoking.
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