So, how can couples get on the same page about their finances so they can fully take advantage of their retirement? We have some ideas.

Of all the things people fear most in retirement, 

 is routinely high on the list. Other common anxieties include 

claiming Social Security benefits too early

. These are what former US Secretary of Defense Donald Rumsfeld famously referred to as “

” or things we know to plan for. What people don’t expect to plan for? Divorce.

Divorce rates for people over 65 have skyrocketed

 in the past few years, and Forbes’ not only has a fun name for the phenomenon (“

”) but a thought-provoking theory as to why: money. Not being on the same financial page with your spouse or significant other can have a detrimental impact not only on your relationship, but your financial and retirement plans as well. 

 have money management styles that differ from their partner’s. Will that be your downfall? Differing opinions don’t have to doom your relationship, but understanding the sources of these opinions and how they may be avoided or assuaged is critical to honestly mapping out your financial plans.

When you make a commitment to a goal, you’re holding yourself accountable for making it happen and 

 As you plan for retirement, don’t worry that every decision you make will be 

. That’s not how it works! In fact, planning for retirement not only means planning for your future, but also protecting yourself from what the future may hold.

Start with a general idea of how you’d like to spend your retirement years (Near the grandkids? Traveling the world? Moving back to your hometown?), then start setting up investment accounts. If you already have them, make sure you’re getting the most out of your investment; if you don’t, make plans to build up. Set up milestones so you and your partner always know where you’re at financially and why you’re doing it.

 the more open we are about money, the better equipped we are to make positive financial decisions. If talking about finances is uncomfortable for you, figure out why and move on.

. Even our best-laid plans can be waylaid by unexpected events. At the onset of the Covid-19 pandemic in 2020, for instance, many investors were driven to sell stocks, a move 

. Mistakes like these don’t always dictate your relative success or failure as an investor, but having a financial plan in place may compel you to think twice before reacting to major events.

Some people have been known to end relationships because their partners are 

. If you’ve made financial mistakes and refuse to acknowledge or accept the reality, you may find it difficult to maintain an appropriate level of trust with your partner. 

 found that money is not the most frequent source of marital conflict in the home, but when compared to non-money issues is “more pervasive, problematic, and recurrent, and remained unresolved, despite including more attempts at problem solving.” That’s a pretty scathing indictment. 

Money is personal. When couples think they’re arguing about money, sometimes they’re actually 

 entirely. Plans that weren’t communicated, broken commitments, and the disrespect of time are 

, and you don’t always outgrow those issues the longer you’ve been together. Make sure you’re addressing the problems you’re facing instead of the failures of the person.

No doubt, upon reading this you may have sighed at the thought of a monthly budgeting session. We like to spend our downtime relaxing, doing things we love, or anything that’s not balancing a checkbook or working on a budget. Making a budget can be 

Making a budget can also be freeing. There are many new ways for couples to get on the same page with their budget without it feeling like drudge work. The internet is a fantastic place to find a multitude of apps like 

 (among many others) that can help not only to make sense of budgeting, but to make sure you’re aligned and budgeting with your financial plan in mind.

Being transparent with your spouse is a major key in getting on the same page with your spouse. There’s a big difference in 

. The main differentiator is if you’re committing 

-- intentionally deceiving your partner about how you’re managing money in a joint account -- or not. Are you saving for a surprise trip, or planning to leave your relationship? It can be a thin line and secrecy is notorious for breeding suspicion. 

This one may seem like a no-brainer but talking to your spouse before making significant purchases should be non-negotiable. Transparency doesn’t mean no surprises, it just means you need to set the stage for a surprise by not making it a burden on your spouse.

Every holiday season, many of us are subject to commercials by car companies advertising their deep discounts – shiny vehicles, jaw-dropping locales, and big red bows. One of the more inane of these has been airing for at least three years and 

” campaign. It features an affluent couple whose surprise holiday gifts for each other are two, fully loaded, just-out-of-production SUVs. For many people watching, the ad is a “

 of a similar ad where one well-intentioned husband presents a new vehicle to his surprised wife, who then demands he take it back after it’s revealed he’s been unemployed for two years and borrowed money from a neighbor to pay for it.

, researchers found two-thirds of consumers have an agreement with their significant other to talk before spending more than a set amount, however, even with that admission, they also found “18 percent weren’t in sync about having a spending cutoff, and 54 percent cited a different amount than their partner.” What’s actually revealed is that we’re not really talking about big purchases with our spouses nor being as transparent as we think we are.

It should come as no surprise that we, as a people, 

. It’s uncomfortable, it’s loaded, and some even find it embarrassing. If you’re in a serious relationship, however, the foundation must be one of trust and respect and that means you shouldn’t get into a serious conversation about money when one or the other of you is, for lack of better words, not in the mood.

As with any serious conversation, you can’t be flippant with time. If you need to talk, treat the subject like you would other serious conversations – schedule time, communicate the importance, and be honest. And if your spouse chooses the wrong time to take a deep dive into your shared financials, don’t shut them down immediately. Good communication between couples means you can a

cknowledge it’s an important conversation

 and plan for a better time where you both can be fully engaged. Be careful with this tactic, however, because if you don’t come around to discussing the subject, it may come across as avoidance.

How you say things matters. Just like those old schoolhouse posters used to say: “there is no I in team,” there is no “I” when you’re planning a future with a partner. Retirement can be complicated and when you have two or more incomes and plans and decisions that have been coming down the pipe for years, it’s important to remember your plan is for a shared future.

, our goal is to help you enjoy your retirement with confidence, not worrying about whether or not you have enough money to enjoy

Sit down with a Fullerton Financial Advisor today

 and learn how you and your spouse can get on the same page when it comes to your retirement goals. 

We understand how important your financial future is to you and your family; we also understand how difficult making these plans can be. When you 

schedule a call with Fullerton Financial Planning

, you’ll discover how we can help you balance your portfolio to meet your unique needs. 

Don’t leave your financial future to chance.

 Let us help you create a personalized plan so you can enjoy the retirement you’ve worked so long and hard for. 

https://money.usnews.com/money/retirement/aging/articles/common-retirement-financial-fears-and-how-to-overcome-them

https://www.fool.com/retirement/2020/09/18/worried-about-a-stock-market-crash-during-retireme/

https://www.cnbc.com/2019/11/15/supporting-your-adult-children-can-ruin-your-retirement-plans.html

https://www.usatoday.com/story/money/2019/06/28/social-security-claim-too-early-and-lose-100-000-retirement/1572620001/

https://www.theatlantic.com/politics/archive/2014/03/rumsfelds-knowns-and-unknowns-the-intellectual-history-of-a-quip/359719/

https://www.washingtonpost.com/news/get-there/wp/2018/03/26/a-gray-divorce-can-devastate-your-retirement-plans-heres-how/

https://www.forbes.com/sites/margueritacheng/2019/02/26/grey-divorce-its-reasons-its-implications/?sh=411b4c854acd

https://www.cnbc.com/2019/05/07/the-biggest-mistake-that-destroys-relationships-according-to-financial-therapist.html

https://www.entrepreneur.com/article/328070

https://henrytapper.com/2020/01/02/retirement-plans-are-never-set-in-stone/

https://www.bustle.com/life/how-talking-about-money-will-benefit-your-life-according-to-finance-experts-75782

https://www.businessinsider.com/money-mistakes-advice-from-financial-planner-2018-11

https://grow.acorns.com/coronavirus-investing-mistakes/

https://www.cnbc.com/2019/09/30/people-are-more-likely-to-break-up-if-their-partner-has-this-quality.html

https://www.marketwatch.com/story/70-of-people-would-breakup-with-someone-over-a-hidden-debt-2015-06-24

https://www.thebalance.com/spouse-won-t-participate-in-a-financial-plan-2386017

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3230928/

https://www.cnbc.com/2019/02/08/5-common-mistakes-couples-make-when-talking-about-money-in-relationship.html

https://www.powerofpositivity.com/common-arguments-relationship/

https://www.fool.com/investing/2020/01/18/4-things-everyone-hates-about-budgeting.aspx

https://money.usnews.com/banking/articles/the-case-for-and-against-spouses-having-joint-checking-accounts

https://www.huffpost.com/entry/hide-money-spouse_l_5e73a87cc5b63c3b648c5f58

https://www.investopedia.com/terms/f/financial-infidelity.asp

https://www.chicagotribune.com/entertainment/ct-ent-xmas-car-commercials-1225-story.html

https://www.youtube.com/watch?v=DQTVh5EF_tc

https://www.youtube.com/watch?v=WcEylCwkSxE

https://www.cnbc.com/2016/09/21/big-spenders-ignore-spouses-at-their-own-peril.html

https://blogs.scientificamerican.com/observations/why-is-it-so-hard-to-talk-about-money/

https://www.psychologytoday.com/us/blog/fulfillment-any-age/201406/5-tips-tough-conversations-your-partner

 8 Ways Couples Can Plan for Retirement Together 

Many people heading into retirement find themselves concerned not just with having enough money to retire, but if that money will last through retirement. If that’s you, you’re in the right place, and in the right hands with Fullerton Financial Planning. 

Financial longevity is of particular concern for both 

, who are currently retiring at exponential rates (

28.6 million in the third quarter of 2020 alone

), as well as Gen-Xers, who will be retiring in 2037, when 

Social Security is currently scheduled to run out.

For others, you may be planning for retirement as people have traditionally done in the past. While that may still be an option - your retirement plan should be catered to you now, and what you’re working for in the future, not ideas popular in your parents’ and grandparents’ generation.

, we believe retirement should be the best years of your life. And while there is no one-size-fits-all solution, our financial advisors can help set you up with a plan for how to more confidently live your next 20-30 years without worrying you will outlive your wealth.

We’ve narrowed our process down to 6 factors that will direct how much you should be saving for retirement, and in what ways:

Everyone’s goals for retirement are unique, so depending on what your goals are -- travel, spending time with family, philanthropy, a home on the coast, etc. -- your plans are less about endlessly building wealth, and more about building wealth to support your goals.

Maybe you’re not sure what retirement looks like yet. 

. Deciding what to do in retirement can feel daunting and despite your best intentions, how you plan for it may not be how it turns out. Fortunately, a customized financial plan isn’t ruined if you change your mind, and instead gives you the peace of mind to feel comfortable doing exactly that.

If the past few decades serve as any indicator, 

inflation rises at an average rate of 2.46% annually.

 For most of us, inflation is not enough to notice with any kind of shock from year to year - it’s only when we notice how it has compounded over a period of time that you can realize ultimately adds up to 102.46%. In other words, something you bought in 1990 for $100, now costs a little over $200.

The main thing you want to know about inflation and how it figures into your financial plan is that it needs to be accounted for. Many people find themselves on a 

 for the duration of their retirement, and while that doesn’t mean financial insolvency, it's not ideal with combating rising inflation. 

Where you chose to retire can have huge implications for your financial plan, and how you want to spend your retirement.

 though the two are not directly connected. Cost of living varies from city to city and is generally considered to encompass basic expenses like housing, food, taxes, and healthcare. The estimate is tied to average wages in the specific area in which you live, which is why places like 

 can seem unsustainable, and places like 

Two factors can impact healthcare expenses in retirement: age and cost of healthcare. Are you prepared to handle the shifting tides of both? As you get older, you will naturally need more attention and care when it comes to your health. Once you reach 65 and qualify for 

, that can help alleviate some of out-of-pocket costs, but won’t cover it completely. 

Location may play a part in healthcare expenses as well, as states like Massachusetts, Utah, and Idaho 

pay among the least for healthcare premiums

, while states like Nebraska, Iowa, and West Virginia, pay among the most.

When you’re creating your financial plan, it’s wise to hedge against healthcare costs going down, in fact, you can almost count on them continuing to rise - with some estimates averaging about a 5.5% increase, every year. Because healthcare is rife with uncertainty (How much will I need? When will I need it? What will it cover?) - it’s best to consider the advice of a seasoned financial planner before committing any amount of money toward current and future healthcare.

Social Security was signed into law in 1935, when it was decided that unemployment, illness, disability, death, and old age were 

. Our modern system was based on recovery ideas in the post-Civil War era, and came on the heels of one of the United States’ worst economic eras, 

In the twenty-first century, Social Security is considered as “nice to have” - and 97 percent of the elderly (aged 60 to 89) either receive Social Security or will receive it, 

according to Social Security Administration estimates

. How long you were in the workforce and what you made (or, what percentage you paid in) will all factor into what amount you actually receive, but the average payment is somewhere around 

 Compare that estimate to your former or current salary and you’ll understand the vast changes you may need to make if you’re relying on Social Security alone.

Additionally, Social Security benefits are available 

, but the longer you wait to begin drawing, the more you may receive. If you’re hoping Uncle Sam will save you, personal finance expert and radio show host Chris Hogan discourages that belief and frequently encourages listeners to “

Changing your lifestyle is tough, especially for those just entering retirement. In fact, the 

 found the likelihood that someone will suffer from clinical depression goes up by about 40% after retiring. Your transition into retirement doesn’t have to be stressful if you’re willing to put in the work, consider advice from financial professionals, and trust in the process.

Hopefully, the process of creating your financial plan will have given you time to think about what you might do in retirement, whether to finally buy that dream home, or travel often, or support your grandchildren, if you choose to. It’s important you (and your spouse, or significant other) consider these decisions together, so you’ll have no regrets. Think of it less as homework, and more like 

Making decisions about your financial future is 

 but how you choose to live your later years will determine the longevity of your wealth. Conversely, how much you have saved may determine your lifestyle for you. Don’t be caught off guard by the realities of retirement, 

 can get your accounts prepared so you have choices in retirement, not situations you’re stuck in.

You’ve Done the Work, Now Find Your Retirement Guide

, our goal is to help you enjoy your retirement with confidence, not worrying about whether or not you have enough money to enjoy. 

 to discover if you are on the right track for your retirement goals. 

, you’ll discover how we can help you manage your finances so you can pursue your goals, be it a room with a view, or a ticket to travel the world.

 Let us help you create a personalized plan so you can enjoy the retirement you’ve worked so long and hard for. After all, as author and entrepreneur James Clear often says, “If you genuinely care about the goal, you’ll focus on the system.”

 6 Factors Will Decide How Much You Need to Save for Retirement 

More than 90% of America’s older adults prefer to “age in place” in their own homes rather than in a senior housing community or facility. 

 With today’s insight into how a deadly pandemic can affect nursing homes — as of September 6, COVID-19 has claimed nearly 55,000 nursing home residents’ lives — this preference may be prudent from a health care standpoint. 

However, aging at home also can be quite expensive. Much depends on the level and amount of care you require. And, as you can imagine, those levels are likely to increase as you get older. For some, it starts out as light housekeeping and running errands. That may progress into cooking meals and taking you to doctor appointments. Eventually, you may need someone to help you dress, groom and move around. A few hours a week could eventually change into 24-hour care, depending on your rate of health and/or mental decline.

According to the 2019 Genworth Cost of Care Survey, the average cost of an in-home caregiver is $22.50 per hour. 

 If you need someone for eight hours a day, that could run you about $5,400 a month. If you need 24-hour care because, for example, you need help walking to the bathroom in the middle of the night, that cost could quickly amount to $16,200 a month. Is that a potential cost you’ve factored into your retirement income plan?

For many, the answer is no. We tend to plan as well as possible and hope for the best. If you’d like to explore different insurance options to help pay for potential long-term care needs, we can help. Contact us for more information.

As you develop a plan for old age and staying at home, it’s important to embrace technology. Today, about 75% of people age 55- to 65-years old own smartphones, download and use apps, and many search online for health information. 

One of the silver linings of the pandemic is that more people have begun to embrace remote patient monitoring devices. Wearable technology enables certain vital signs to be constantly monitored and even emitted electronically to their physician’s office if they exceed normal levels. This allows some people who suffer from chronic illnesses or who are home-bound to monitor their own health instead of visiting doctors’ offices or requiring hospitalization. 

Another way to help combat the cost of 24-hour in-home care is to explore the growing availability of artificial intelligence-aided robots. While lacking the warmth of a human being, robots can research information, engage in conversation, play games and even make remote phone calls if their ward needs emergency care. 

If you’d rather have an actual body in the house to keep you company and provide for your needs, another way to help cut costs is to provide a rent-free room in exchange for care. This can start out as a simple arrangement in exchange for light housekeeping, cooking and chores. Later on, you may want to seek out a nursing student or other type of medical provider who can offer more substantive caregiving duties in exchange for a place to live.

Content prepared by Kara Stefan Communications.

 Tracy Arabian. Gloucester Daily Times. Sep. 2, 2020. “Help available for all wanting to age in place.” 

https://www.gloucestertimes.com/news/living/senior-lookout-help-available-for-all-wanting-to-age-in-place/article_a375bb79-166d-5ddb-954f-8b70c11735ff.html

 Centers for Medicare & Medicaid Services. Sept. 6, 2020. 

 Rachel Hartman. US News & World Report. June 10, 2020. “Can You Afford In-Home Elderly Care?” 

https://money.usnews.com/money/retirement/aging/articles/can-you-afford-in-home-elderly-care

 Mallory Hackett. MobiHealthNews. Sept. 9, 2020. “An untapped market for digital health innovation exists among seniors hoping to age in place.” 

https://www.mobihealthnews.com/news/untapped-market-digital-health-innovation-exists-among-seniors-hoping-age-place

 Rich Griset. Chesterfield Observer. Sept. 2, 2020. “During the pandemic, local companies help seniors bridge the technology gap.” 

https://www.chesterfieldobserver.com/articles/during-the-pandemic-local-companies-help-seniors-bridge-the-technology-gap/

 Wolf Shlagman. HomeCare. Sept. 1, 2020. “The Potential of AI in Homecare.” 

https://www.homecaremag.com/september-2020/potential-ai-homecare

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.

 Will You Be Able To Afford In-Home, Long-Term Care? 

If you have people in your life who rely on you, or loved ones you want to ensure are taken care of should anything happen to you, life insurance is a worthwhile investment. Some people might question the value of peace of mind. It’s true, you’ll see no benefit of a life insurance policy while you’re alive – but that’s not the point of these policies.

Life insurance is traditionally intended to provide financial security for the people you love in the event of your untimely passing. However, modern life insurance options offer a diverse array of features and benefits to further enhance the value of the product.

Like all insurance polices, life insurance represents a contract between you and the insurance company. As long as you make premium payments, the insurance company guarantees a death benefit that will be paid to your beneficiaries in the event you die. Death benefits can be used to cover funeral costs, outstanding debts, funds for the education of children or replace lost income.

There are two primary types of life insurance:

Protecting loved ones is fundamentally the primary goal of life insurance. There are, however, some ancillary purposes some retirement savers may appreciate, like charitable giving via life insurance. In broad terms, life insurance is ideal for:

Virtually every adult can potentially benefit from life insurance, even ones who don’t have dependents. A life insurance policy can help families defray the cost of unexpected end-of-life expenses or ensure parents, siblings or any other beneficiaries or charities you care about receive funds in the event of your passing. However, the clearest and most obvious answer is you should invest in life insurance as soon as there are people who will suffer financially in the event of your untimely death.

Parents and adult children caring for older parents should strongly consider purchasing adequate life insurance for income replacement, debt elimination purposes and end-of-life expenses. Some types of policies make more sense at certain times in your life. For example, young, healthy workers in their 20s and 30s can receive generous term life policies with extremely low premiums.

If you’re interested in permanent life insurance as a part of your retirement plan, the earlier you start the longer the cash value of the policy will grow. You should also reexamine your life insurance situation after major life milestones, like having a child, purchasing a home, starting a new business or getting married.

Do You Have Questions About Life Insurance and How It Can Complement Your Retirement Savings Plan?

The team at Fullerton Financial Planning have extensive experience advising retirees and retirement savers on a variety of investment and savings vehicles – including life insurance. If you have questions about policies or are interested to learn how permanent life insurance can be incorporated into your plan, call our 

Why You Should Consider Life Insurance and When You Should Get It

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We believe that knowledge is the key to making informed decisions about your financial future. Our blog is designed to provide you with a wealth of valuable insights, tips, and strategies on everything from financial planning and wealth management to taxes, estate planning, Social Security, and more. 

Whether you're preparing for retirement, navigating complex tax laws, or looking for ways to preserve your legacy, our blog serves as an invaluable resource. Each post is crafted by our team of financial professionals, ensuring you receive relevant, up-to-date information that addresses the real challenges retirees and pre-retirees face today.

Welcome to Our Financial Tips Blog

8 Ways Couples Can Plan for Retirement Together

6 Factors Will Decide How Much You Need to Save for Retirement

Will You Be Able To Afford In-Home, Long-Term Care?

Why You Should Consider Life Insurance and When You Should Get It