Preparing for retirement is a marathon – not a sprint – and requires discipline over a long period of time. Much like exercising or changing one's diet, results are often best when a person has a partner to be accountable to as well as share success. That said, many couples fail to plan effectively together.
Researchers at the University of Notre Dame and the University of Cambridge performed studies on the purchasing patterns of couples who were married or in long-term relationships.1 The studies compared the types of purchases individuals made when couples had a joint bank account versus individual bank accounts. The researchers found that:
Planning for retirement as a couple can have several benefits, such as confirming common goals, creating accountability to achieve a greater probability of success, and building retirement confidence.
If you are thinking about retirement, here are a few things you and your partner should consider:
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