3 questions to ask when retiring as a couple

06 Jul 2023 3 min read

Are you and your partner planning on retiring at the same time? While there are several benefits, such as being able to plan holidays and tick off bucket list items together, there are other considerations that will help prepare for an enjoyable retirement.

1. How will you spend your time?

It might sound obvious, but have you thought about what you and your partner will do in retirement? Stopping work will be a change, and it’s a good idea to think about how you will fill the extra time you’re going to have. Perhaps it’s joining a local group, travelling, learning, volunteering, or spending time with the grandkids. Brainstorming ideas of what retirement will look like for you and your partner is a great way to start the process.

Staying socially connected during retirement is important. Beyond Blue reports between 10 and 15% of older people experience depression, and about 10% experience anxiety.1 Risk factors include social isolation or losses such as stopping work.2

Additional questions to talk about with your partner:

  • How much time would you like to spend together?
  • Do you each have a schedule or idea of things you would like to do independently and together?
  • Would you be able to manage and fill your time should your partner become unwell or decide to go back to work?

2. How much money will you need?

Knowing how much money you will need for retirement is going to be different for everyone. If retiring as a couple, there may be more to think about financially as you will both be losing your employment income at the same time.
Write down all your expenses—everything from groceries to healthcare. Then, consider any new costs you may have. For example, are you planning on travelling? Taking courses? Perhaps you have plans for a sea change? Budgeting ahead of time can help determine how much financial flexibility you will have.
The NGS retirement calculator is a great starting point.

3. Have you received professional advice?

When it comes to super, it’s important to understand that everyone’s situation is unique. What will be right for you won’t be right for your neighbour, or even your partner for that matter. To be sure what’s best for both of you, it can be a good idea to seek advice at least 6-12 months prior to your retirement date.

A financial planner will be able to assess your financial situation and help you to best prepare. There’s plenty of advice out there - including that shared by trusted friends and family. But speaking with a professional who can review your assets, any debts, expenses and plan what you will need for retirement is always recommended.
Most financial planners will happily see you as a couple. That way, you can review your financial position together.

Start your journey with NGS Super

Our financial planners can create strategies to maximise your financial position and meet your future objectives. They can help you protect your lifestyle and assets through personal insurance and understand what happens to your super in the event of your death, including the impact on your loved ones receiving your super.
Seeking advice is a way to plan for your future, help mitigate risk and make the most of your saving opportunities. Having a planner that helps educate you about your choices and options as you plan for retirement will help ensure you feel confident and always informed.

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