{"id":7026,"date":"2024-10-31T08:20:03","date_gmt":"2024-10-31T08:20:03","guid":{"rendered":"https:\/\/finderica.com\/were-in-our-50s-my-wife-isnt-saving-for-retirement-help\/"},"modified":"2024-10-31T08:20:03","modified_gmt":"2024-10-31T08:20:03","slug":"were-in-our-50s-my-wife-isnt-saving-for-retirement-help","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=7026","title":{"rendered":"We\u2019re in Our 50s. My Wife Isn\u2019t Saving for Retirement. Help!"},"content":{"rendered":"\n
\n

\"ScoreCard<\/p>\n

Dear Penny,<\/span><\/p>\n

I\u2019m 53 years old and started saving for retirement late. Fortunately, both my wife and I work, so I\u2019m saving at least 10% of my income for retirement. I asked my wife how much she\u2019s saving for retirement, and she replied that she wasn\u2019t planning on saving at all.<\/span><\/p>\n

I was floored by her answer. I shared some info with her and explained that if we were to retire right now that I would not be able to make the mortgage payment let alone the other household bills to live off of my retirement. She wasn\u2019t moved at all by my explanation. What can I do to convince her to save for retirement?<\/span><\/p>\n

\u2014 Catching Up<\/span><\/p>\n<\/div>\n

Dear Catching,<\/p>\n

It\u2019s not your responsibility to \u201cconvince\u201d your wife of any decision you want her to make with money. As partners with shared financial commitments, you do have to make plans for how you want to move forward together \u2014 but, with your wife\u2019s input, that might not look like what you picture.<\/p>\n

Instead of leading the conversation with your evidence and arguments for saving, start with\u00a0asking her why<\/a> she doesn\u2019t plan to save. Listen earnestly to her answer. Without launching a debate, talk to her about why you\u2019re saving the way you are.<\/p>\n

In both cases, each of you should only talk about yourselves. This isn\u2019t an invitation to determine who\u2019s \u201cright\u201d; it\u2019s an opportunity to reflect on your own relationship with money and to better understand each other\u2019s.<\/p>\n

As you talk about why you want to save 10% and why she doesn\u2019t plan to save anything, consider your histories with money, the fears you carry and your expectations for your future together. Talk about what you each believe to be true about work, spending, saving, debt and investing. Talk about when you each expect to retire and what you each imagine doing in retirement.<\/p>\n

Considering questions like these can lead you to the reasons you and your wife are misaligned on retirement planning. Maybe she mistrusts the stock market. Maybe she expects to earn money long after you\u2019ve retired. Maybe she wants to sell the house and downsize to a rental. Maybe she harbors fears of scarcity that make it difficult to sacrifice a portion of her paycheck. Maybe people in her family have died young, and planning for old age brings up those traumas.<\/p>\n

Once you\u2019ve built this foundation of understanding, then<\/i> you can make plans for the future together that honor both of your needs.<\/p>\n

Regardless of what you decide, your late start might make it tough for you to follow a typical retirement planning trajectory. Talk with a financial planner about\u00a0strategies for later retirement saving, focusing on growing savings as quickly as you can while limiting volatility in your investments. Ask about a Roth IRA if you\u2019re saving more than the max in a 401(k), and check your\u00a0latest options for catch-up contributions based on your age.<\/p>\n

\n

The 8 Best Ways to Earn a Passive Income in 2024<\/h3>\n

You\u2019ve probably heard the term passive income. It sounds appealing right?<\/p>\n

According to the definition of passive, it would mean you\u2019re earning income without participating or having to do anything at all. Free money? Sign me up!<\/p>\n

If you\u2019re interested in establishing a flow of passive income, here\u2019s a guide to understanding the term and getting started.<\/p>\n

Check it out here!<\/a><\/p>\n<\/div>\n

Talk honestly with your wife and a financial planner about the income you can expect in retirement, and plan for how you\u2019ll live comfortably with it. Consider other resources you have access to, as well, including government resources (like Social Security benefits and Medicare), community programs, assets (including your house); and debt resources you could tap when money\u2019s tight, like a home equity line of credit or an increased limit on credit cards.<\/p>\n

Dana Miranda is a Certified Educator in Personal Finance\u00ae, author, speaker and personal finance journalist. She writes <\/i>Healthy Rich<\/i><\/a>, a newsletter about how capitalism impacts the ways we think, teach and talk about money.<\/i><\/p>\n

<\/p>\n

<\/p>\n


\n <\/p>\n

<\/p>\n