Have You Spoken To Your Spouse About Planning Your Retirement?

A recent RBC poll has found that the majority (68 per cent) of Canadians who are age 50 and older but not yet retired have no discussed what they’d like their retirement to look like with their spouse or partner.

According to Bill Hill, RBC’s national retirement planning consultant, “Couples often have more conversations about what they’ll be doing over the summer or winter holidays than what they hope their retirement together will be like. Yet one of the most important discussions you can have as a couple in your 50s or older is around the future lifestyle you’re hoping for when you’re no longer working 9 to 5. You want to do everything you can now, to ensure your retirement years will be equally enjoyable for both of you.”

According to the poll, some of the hardest things for Canadians to discuss with their spouses related to their retirement are:

  • 65 per cent said what kind of activities they’ll do in their retirement.
  • 81 per cent said what would happen if one spouse passes away first.
  • 86 per cent said what would happen if one spouse encounters health problems.

He continued, “The differences men and women are expressing separately make it all the more important for them to discuss retirement together. We’ve seen with our own clients how sitting down as a couple with a financial planner can really open up these conversations. Talking through the possibilities makes it easier to create a retirement that works for both partners.”

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