Retirement not on the menu for dating couples
Forget the champagne and roses, what about retirement plans?
Believe it or not, talking about retirement isn't one of the top conversations for dating couples.
In fact, only 28 per cent of Canadian couples say they shared their plans for retirement with each other before getting married.
And those who did discuss their plans figure they need at least $1 million to fund their retirement years.
BMO Bank of Montreal released its annual Valentine's Day RRSP study which found that fewer than one-third of couples actually discuss their retirement plans before tying the knot.
Apparently many feel -- about 20 per cent -- that differing views on retirement could result in a break-up so the topic is avoided.
Chris Buttigieg, Senior Manager, Wealth Planning Strategy, BMO Financial Group, explains, "While discussing plans for retirement may not be one of the most romantic things to do during the courtship phase of a relationship, it's important that couples share their thoughts with each other before getting too serious.
"You could be spending 30 years with your partner in retirement, so it's important that you determine early on if you're on the same page."
The study also revealed that 86 per cent of couples who are in a serious relationship or who are married have discussed their retirement plans. However, fewer than half of those have talked about the finer details like how much they will save for retirement, what their dream retirement will look like, where they will live in retirement, and whether they will need to downsize.
But the magic number for Canadian couples funding retirement seems to be about $1 million.
"Canadians need to remember that the amount they'll need to save for retirement will depend on their desired lifestyle," says Buttigieg. "Your ideal retirement may be quite different from someone else's. It's especially important for couples to discuss what their expectations are and then develop a financial plan that includes a retirement savings component."
Now that's true love!
By Donna Donaldson, MSN Money
Would you consider discussing retirement plans before getting married?
Posted by: Charles | Feb 17, 2022 5:06:20 PM
Retirement planning #1..Have youe accomadation paid off..Do not rent..The rest is food etc..You can live cheapo .by NOT paing rent..
Posted by: Bubba Hubba | Feb 18, 2022 9:48:06 AM
We have discussed retirement, and since she is 9 yrs younger than me, plans to work longer than I.
We have looked at Panama, Cost Rica and other places in Europe, and have found that Florida still seems to be the best bet for us.One has to look not only at the possible language barriers elsewhere, but also social and physical (we are both still scuba diving)activities,and somewhere that best fits your post retirement lifestyle. We have looked at areas near large cities but far enough away, to get us a semi-rural lifestyle, and currently are exploring a few places in areas near Palm Beach County. We plan to spend several months there, with some travelling through Europe, and keeping a small place in Canada. You dont have to save millions, if you down size early,have no debt, live frugally in pre-retirement ,dont do the 5 star hotel bit when travelling, etc.
Best of luck in your post retirement plans, and do discuss the topic sans the rose glasses, since everyone has different ideas on retirement.
Posted by: Really !! | Feb 19, 2022 10:55:19 PM
Retirement not on the menu for dating couples ??? What ???
Heyyy... I'm retired and my girlfriend will retire in 2 years.
Smooth sailing baby !!
Posted by: karra | Feb 22, 2022 6:13:52 PM
When I was dating 30 years ago, I would have been seriously worried if we had had a financial discussion about retirement. To say it was the last thing on my mind would not even be an understatement - I don't think the concept had even entered my mind. For heaven's sake, you want to discuss the end period of your life before you've even started to live it! Get real. In any case, hopes, plans, dreams will come and go, get ditched or changed as you go along. You may even start on the same page but end up in a different book. You think you can plan that far ahead, you must be an automaton or a moron.