July 26, 2022 |
Divorce

Prepare for the most common retirement issues with your spouse

Written By: Reich, Jumbeck, Stole & Reeb, LLP

Each year, many Illinois residents decide that it’s time to retire. During this time, you may imagine many different scenarios playing out. Hopefully, retirement is full of nothing but positive experiences for you and your spouse. With that said, it never hurts to prepare for a few unwanted consequences of retiring.

Trying to lead from home

Understandably, working gives people a sense of purpose. For example, someone who worked as a manager for a few decades may feel like a natural leader. Unfortunately, retirement can sometimes cause people to treat their spouses like co-workers or subordinates. Avoid this problematic situation by talking with your spouse to set clear expectations for life after retirement.

The potential to divorce

Most people assume that retirees would be among the last people to divorce. However, that is not the case. There has been a recent wave of divorces among senior citizens. If you and your spouse expect retirement to go one way, and it goes another way, this situation can place strain on any marriage. When baby boomers were young adults, divorces were extremely common. This familiarity with getting a divorce can sometimes lead to failed marriages later in life.

Financial challenges

It can be unnerving to not earn the same amount of money you did while working. Many retired individuals still receive money each month, but it’s not often as much as they used to earn. This feeling can lead to couples fighting under the constraints of a tight budget.

Retirement has the potential to challenge almost any marriage. Since retirement is such a major decision, consider talking with your spouse about post-retirement life. Getting on the same page with your spouse now can prevent a lot of future problems.

Written By: Reich, Jumbeck, Stole & Reeb, LLP