What if my partner and I have different retirement goals?

You and your partner have made a happy commitment to merge your separate paths into one. That means when you look toward the future, you two should be looking in the same direction. Coming up with a shared vision of your future for retirement and beyond can help you avoid money worries or unrealistic expectations down the road.

Get on the same page (or at least in the same chapter)
Have an honest discussion about where you see yourself in retirement. If one of you wants to relax in a country house while the other’s itching for a small pad in a big city, see if you can find out the motivation underneath the desire. One may want a slower pace, while the other needs regular doses of culture. Once you understand each other’s motivations, it may be easier to compromise. (A country house with a big city timeshare, anyone?)

Be a team
Ideally, you’d each fund your own retirement, but helping each other out can make sense. If you don’t have a 401(k), your partner might want to add a little more pretax income to their own plan, while you max out contributions to an individual retirement account (IRA). If you’re married and one of you doesn’t work outside the home, research a spousal IRA — a tax-deferred investment account that lets the working spouse add to a nonworking spouse’s retirement savings.

Mind the (age) gap
Is there an age difference between you and your partner? You can create a joint plan geared to the life expectancy of the younger partner, so they will have sufficient income when the older partner is gone. Work with your financial professional to make sure your investments fit your timeline.

Determine who retires first
You don’t have to retire at the same time. One partner could keep earning income to boost your savings. Plus, delaying retirement can potentially increase your Social Security earnings. Staggered retirements can also ease the stress that might arise from the simultaneous end of two incomes.

Do the math
Even if you and your partner have the exact same retirement dreams, you can’t make them come true if you don’t have enough money. Start by knowing the combined value of your assets and accounts. Then use our retirement calculator to see where you stand. Talk to your financial professional about the best investment strategies to reach your shared goal.