Could your significant other be getting in the way of your retirement plans?

Print
Email
|

by JASON WHEELER

Bio | Email | Follow: @jasonwheelertv

WFAA

Posted on October 17, 2013 at 4:55 PM

When you marry later in life, like Judy Hoberman and Donald Taylor of Southlake did, the priorities can be so different.

“We are discussing now what year to retire,” Taylor said.

It’s a good discussion to have, because Judy and Donald are very different personalities.

“We are north and south,” Judy said.

And that can be evident in their retirement planning.

“It’s not that I haven’t planned, because I have planned," she said. "But sometimes, I like to wing it and fly by the seat of my pants, but that drives him crazy.”

“It doesn’t drive me crazy," Donald clarified. "It just concerns me, because I want to lock it down; 'Here is the time, here is the plan.'”

The good thing is, they’ve discovered they have the same retirement goals. Now, they just need a strategy for getting there.

They’re working on it, Donald said.

"Being newlyweds, this is us just kind of discovering each other," he said. "Where it gets dangerous is in a long-term relationship where it has been avoided.”

Bill Dendy, president of Elite Financial Management in Dallas, has seen that scenario plenty of times.

Consider one couple who came to him for help just three months before they were to retire: “And the guy kicked back and said, 'Bill, I can’t wait to move to Montana.' And his wife said, 'What do you mean Montana?' He said, 'Why do you think we have the house in Montana?' And she said, 'That is your hunting lodge; that is your summer getaway. I am not moving to Montana. Why do you think we look at houses every time we visit my mom in Florida?' And he said, 'I just thought you like looking at houses.'”

Not a good position to be in.

So whether you are newlyweds or you’ve been together forever, Dendy said talk about retirement with your significant other early and often.

“It’s better to know what are our resources and what do we want, because we can plan for it easier," he said.

Dendy will be teaching retirement planning sessions at Richland College on Abrams Road in Dallas in coming weeks. The sessions are $49 per couple. For more information, click here.

E-mail jwheeler@wfaa.com

Print
Email
|