If the time comes for you to retire and your partner is still working—or vice versa—it’s a matter of anticipating the natural changes ahead and then balancing and planning so both your needs can be met. 
Understanding differences
The age you retire may depend on the work you do, your employment arrangements, your health or a family member’s, or a combination of factors.
Naturally, the timing of your retirement may differ from your partner’s. And while it’s a time to look forward to, changes in routines established over many years can cause conflict.
What’s more, you may find your plans and aspirations—not to mention your spending intentions—come as a big surprise to your significant other.
Say one of you is imagining an active retirement, and plans to repaint the house or pull up the garden from day one. But the other is looking forward to selling and moving to a warmer climate to relax on the balcony.
It’s likely you both have specific plans and ideas.
Finding common ground
It’s important that you discuss the specifics of what you’re imagining after your life winds down after work. That way, even though you may want different things, you’ll be able to work towards common ground.
A matter of money
The financial side of retirement is a key area to discuss early on. Once you’ve wound down from work, your lifestyle choices may depend on your super balance and pension entitlements.
Longer lifespans mean most people are expected to spend longer in retirement. And while that may present opportunities to enjoy hobbies or spend time with family, the longer you’re retired the more income you’ll need.
Meeting your financial needs
Use our retirement simulator to find out how much you’ll need. With an amount to aim for, the timing of your retirement may be easier to predict. One or both of you may choose to work in your job for longer or take up a new line of work.
And if your super balance is on the low side a transition to retirement strategy can help you boost your super or enable you to work less and maintain your income.
If you’re considering selling the house to help fund retirement earlier, use our home and retirement planner.
Help is at hand
It’s never too early to start talking about retirement and putting plans in place. Speak with a financial adviser so you can consider:
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Your eligibility for government entitlements
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Boosting your super within contributions limits
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A transition to retirement strategy to boost your super or reduce your working hours
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How the family home fits in and whether you’ll:
– keep it or consider downsizing
– put it on the market after retirement
– draw on the equity in your home.
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Any potential income streams to fund your lifestyle
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Turning redundancy into retirement if you have the opportunity.
Source: AMP
Important Information
© AMP Life Limited. This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.
