In the Australian Bureau of Statistics, a couple is classified as two people in a couple relationship who both usually reside in the same household, with or without dependents. Throughout their working lives, couples can face choices that impact their personal financial situation.
In her TED Talk, Jennifer Petriglieri gave an insight into how working couples can best support each other to achieve their financial goals. Here is how couples can support each other for retirement with a Private Wealth Specialist.
Being In Tune With Each Other
When it comes to managing your finances and preparing yourselves for retirement, it is important to establish and address any differences you may have. This includes your money beliefs and money personality. This can help you foster communication within your partnership, which can lead to a mutual understanding of your financial goals in regards to your retirement planning.
Being in tune with each other also has the potential to reduce conflict and stress around the topic of money and wealth creation. It can also assist you with assessing your financial situation and implementing effective strategies to positively impact your financial future. Your next step may be to consult a private wealth management professional such as Michael at Ethica who can assist with your financial planning.
Understanding The Financial Lifecycle
Whilst many people enjoy their work and making a difference in their community, a significant part of showing up each day is to maintain a steady cash flow. This cash flow contributes towards your wants, needs, financial security and building wealth for retirement.
With many couples envisaging their financial decisions, during their lives, will lead to the accumulation of significant wealth that will support them long term, throughout their retirement and provide them with peace of mind.
Having an understanding of the financial lifecycle, which is a model that indicates the financial path people travel during their lives, can help couples to support each other through every stage of the financial planning process.
Preparing For The Future
Ensuring your present selves are aligned with your future selves is another important aspect of supporting each other for retirement. When living in the present it is easy to get caught up with your day to day decisions. All without taking the opportunity to reflect on how these choices could impact your finances long term. One of the most common examples of this is the daily cost of a coffee.
Implementing healthy financial habits can assist with building wealth for retirement. These habits may include creating a budget, creating a contingency plan and having long term investment strategies. Michael at Ethica Private Wealth Specialists may assist with financial services such as your investment management.
There are many ways that couples can support each other through their financial lifecycles and into retirement. From being in tune with each other and gaining substantial knowledge of the financial lifecycle. Being prepared for the future and planning for retirement can assist with reaching your goals and being able to live the lifestyle you desire in retirement.
If you are looking for a financial advisor to assist with your retirement planning, you may like to consult Michael at Ethica who can accommodate couples with a high net worth. Michael offers a complimentary Financial Assessment Session for those wanting to effectively prepare and plan for their retirement. Michael is a highly experienced Private Wealth Specialist who may assist with your personal financial needs and aspirations.