Next Avenue: Five steps to guide you through the retirement-decision-making process with your partner

by | Feb 15, 2023 | Stock Market

This article is reprinted by permission from Discussing retirement can be difficult for many couples. There are so many decisions to be made: When’s the right time to retire? Have you saved enough (and what does “enough” mean)? How best to spend your time? Should you relocate, and if so, where?

“Retirement is a major transition that impacts every aspect of life,” says Myra Strober, a labor economist and professor emerita at Stanford University. “And the more choices you have, the tougher the decisions can be.” In Strober’s new book, “Money and Love: An Intelligent Road map for Life’s Biggest Decisions,” she and her co-author, the social innovator Abby Davisson, share research-based strategies for making better decisions around life transitions, including retirement, that involve money and love. After reading the book, I reached out to her for advice on how to have a more productive conversation about retirement with your partner. Following are highlights of our conversation, edited for length and clarity:Can you afford to retire? Next Avenue: Is there an optimal time to broach the retirement question? Myra Strober: It’s important to first address your finances because that drives so many other decisions. You need to answer the question: Can we afford to retire, and if not, what do we need to do to get there? Perhaps you can delay retirement or explore options for part-time work. Sometimes, a financial planner who can help assess your finances and develop a …

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