Couples Costly Disconnect Can Cause Financial Chaos In Retirement Years
According to a story reported by the Louisiana Radio Network, 43% of couples do not know how much money their partner makes. Some people would find that shocking. I am not really surprised because I have no idea how much money I make much less how much money my wife earns. No, I am not over the top wealthy, I just know I spend less than what I earn so there always seems to be at least a little money in my wallet.
Well the money in our wallets now might be good for today, but what about tomorrow when retirement is looming? Retirement planning actually makes know how much your partner makes an even more difficult question to answer. Dr. Mark Rosa is a Professor of Business at Tulane University. He explained why today's retirement plans make it so hard to know how much money is actually earned.
If somebody has profit sharing or a 401K plan, a 403, a 457, it's like alphabet soup. So it's like I really don't know what the income is.
Here is an even more startling fact, 48% of us have no idea how much money we will need to maintain our current lifestyle in retirement. The good news is there are several places online you could go. Or you could ask your local banker or investment adviser about figuring what that number is. Then all you have to do is set your savings up to start matching that number by the time you wish to retire.
If you're putting away so much per paycheck or per month or however you've chosen to display it, it'll show you if you are on track for retirement.
The bottom line is this, a good secure retirement doesn't just happen. You have to plan for it. Money is transportation, it gets you where you want to go. The more you have the faster you can get there. It's up to you to decide at what speed you want to travel.