The three biggest areas of dispute are spending priorities, worries about running out of money, and legacy questions.
The retirement dream is pursuing activities you couldn’t while working, but differing visions on that dream can cause money tensions between couples.
“A lot of the problems I’ve seen in my career with retired couples is they’ve never really laid out a definition of what is a lot and what is a little,” he says. Colavita says discretionary budgets can have a little wiggle room. For this couple, if they budgeted $10,000 and spent $12,000 on trips, it wouldn’t hurt them financially. If they budgeted $10,000 and spent $50,000, that would be a problem, he says.
Colavita created elaborate spreadsheets detailing expenses, conservative asset growth, dividend interest, inflation and other detailed information to show the couple that unless a 2008-type event happened every other year, they were in a comfortable spot. After 2022’s market volatility, the wife became worried about how much the couple was spending and the portfolio’s aggressive investments. Along with the couple, Kirste mapped out the impact of current spending levels and the potential wealth benefits of investment choices.
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