"Will we file our taxes separately or jointly?"."Is there a benefit to primarily using one credit card? Which credit card is right for us?"."Should we keep a personal checking account for hobby spending?"."Whose bank should we use for a joint checking account, or should we start fresh with a new bank?".There are a few things to ask as you combine finances: You can use this account to set up automatic payments for rent, utilities and other monthly bills. Many couples may choose to combine everything but divide responsibilities: one managing day-to-day bills while the other plans long-term expenses.įor simplicity, it’s a good idea to have at least one joint checking account when paying joint monthly expenses. If you combine everything, there is no ‘mine’ or ‘yours,’ only ‘ours.’ It can be easier to share finances in marriage this way, when everything is shared and in the open for both partners to view. For some couples, they combine everything while others take a hybrid approach. Taking the first step to talk to your advisor can help give clarity to yours and your partners financial future.How couples combine finances is very personal. If you haven’t looked at this recently, then it may be a good time to go back to them to make sure they meet your needs. Think about who should get your assets if you and your partner die. Or, you could put your money in a retirement program that combines segregated funds with income annuities, which can provide you with a regular source of money in retirement.Īs you get close to retirement, it’s a good time for you and your partner to look at estate planning. For example, you could look at investing in a segregated fund policy that offers guaranteed protection as well as the potential for investment growth. A change would mean spending more time at home or maybe spending more time in a warmer climate to improve your health and wellness – you’ll have to financially prepare to make those plans happen.Ī lot of couples getting ready to retire focus on the question “Will we have enough to last throughout our retirement?” It’s also important to consider how you can take the money you already have and make it grow, so you can continue to do the things you enjoy.įor Canadians who feel passionate about seeing their savings grow in retirement, there are options. It’s not always easy, but it’s a good idea to talk about your health and the health of family members that may affect your lifestyle or financial situation in retirement. You may also get income through a workplace pension, or maybe you’ve invested in an income annuity or RRSP? Most Canadians have access to funding through Old Age Security and the Canada Pension Plan (or, in Quebec, the Quebec Pension Plan). You should have at least a couple of guaranteed sources of retirement income Opens in a new window, though this depends on where you live and your work before retiring. What are your guaranteed income sources?.If that’s the case, then it’s worth talking about your plans with your partner. You and your partner may have personal passion projects – such as writing a novel or starting a business – that could help create income in retirement. Retiring doesn’t have to mean you’ve left work behind. What do each of you really want to do? If your partner is excited about seeing the world but you’re more interested in trips closer to home, then you need to have a chat about those plans. What do you really want to do after retiring?.Will the two of you be happy if you have less income than you do now? If that sounds like it could affect your big plans, such as traveling or buying a cottage, then you may need to figure out how you can get more income. Without knowing that, it could be difficult to know how much income you’ll need after you stop working.įigure out how much money you’ll need to have the retirement you both want. You and your partner will need to figure out when to retire. You can ask yourselves these simple questions to help start the conversation and begin building a retirement plan that meets both your needs: If you’re both on the same page, you and your partner can proactively manage these financial issues when you’ve reached your golden years. It can also help you prepare for emergencies, like fixing a leaky roof or traveling to visit a sick family member. Working closely with your partner can help you get ready for major life events – like weddings and vacations.
Whether you’re married or in a serious relationship, it’s important that you’re both on the same page as you decide how you’ll finance your retirement. It can mean having more time with grandkids, traveling and doing other things you love. Entering retirement is a reason for you to celebrate.
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