My husband and I got married a little over six years ago. Right after our wedding, we moved to a new town. We were inundated with tough decisions – where to live, what school district to be in, where to work and more. It seemed like every time we were turning around we were having to make another decision. And those were just the tip of the iceburg. Because when you go from being a single person to being a part of an “us” there are certain things that have to be addressed financially as well. Do you get a joint checking account? Who pays what bills? What frivolous spending from your single days needs to stop? Even though you are in this period of wedded bliss, you still have so many life altering decisions that are right in front of you and need to be made in order to ensure your happily ever after.
So, it came as quite a surprise to me when not long after the ink was dry out our marriage certificate my father approached us to discuss retirement planning. Now, my dad was in the financial industry for years so when he talked about money, you better believe we listened. But both the hubs and I were in our late 20’s/early 30’s and retirement was one of the last things on our mind. But, as my dad explained, the time to start planning for retirement is when you are young. In fact, he told us that we should have already had 401K’s in place and that they should have started the day we started working.
And while this is admittedly not the first thought of married couples, it needs to be. Because we often don’t realize that the decisions we are making now will impact the way we are able to live later. And while we may think it is a huge sacrifice to part with 10% of our paycheck now, it will be much easier to live without out when we are young than when we truly need it later in life.
Genworth Financial wants to make sure that from young to old, couples know what they need to do to plan for retirement. And they want people to realize how following simple tips while you are young can provide an enjoyable retirement in years to come.
I know that when you’re in your 20’s, 30’s and even 40’s and working away to make ends meet retirement seems a long way off. However, your view on saving for retirement today can greatly impact how you will be able to live your later years of life.
Me, I’d like to spend my retirement in a similar fashion as my marriage started, kissing my hubby as I watch the sunset on the beach. But I can only turn this dream into a reality by making changes today to plan for tomorrow. No matter your age, it’s not too late to start. Whether you’re a newlywed or an old married couple, make your financial future a priority. Then discuss your options with your spouse. It may be the most important decision you make next to saying “I Do.”