Approaching Retirement? 3 Couples Who Should Consider Money Management Coaching

Are you approaching retirement? As a couple, you may have many adjustments to make. Some of the most challenging will likely involve money. A topic of perennial awkwardness and emotional conflict, finances can be a sticking point for most American couples — and certainly for those in the middle of a big life change like retirement. Want help? A money management coach could be the answer you didn't know you need.

Who could benefit from coaching before and into retirement? Here are three great candidates. 

1. Couples Who Are Downsizing

Downsizing your expenses and the size of your home during retirement is a common retirement strategy. It can reduce stress by reducing the amount of monthly bills and how much time you put into caring for your things.

But it's a big adjustment in lifestyle that can cause friction. How can you agree on downsizing goals and the scope of changes? What should you prioritize and what should you leave alone? What if someone isn't adjusting well to a downsized life? These are important answers you need to achieve success. 

2. Couples Who Stagger Retirement

If you or your partner are retiring before the other, you may end up on unequal footing when it comes to lifestyle. The retired partner may want to find new activities or pursue a second 'career'. They may even worry about living on a fixed income. The working partner, on the other hand, may resent the leisure lifestyle of the other. Or they may feel added pressure to make up for any lack in retirement savings. 

Staggered retirement can work well for two people who are at different points in their lives, but you'll need to figure out how to manage your shared money without adding stress to either the one working or the one who has moved on to new things.  

3. Couples Who Need to Catch Up

Many Americans haven't saved up enough to cover retirement needs. Do you fear that you need to beef up your retirement accounts before taking the plunge? Then both partners need to be on the same page about how and why to do so. Catch-up retirement contributions require more diligence and better money management than normal ones do. A professional can help you avoid arguments and find ways to succeed.

Do you find yourself in any of these situations? If so, you and your partner could do well by working with a couples money management coach now — even before retirement actually arrives. Find out more by making an appointment today and seeing what they can do to help you find happiness and financial success during this next chapter of your lives.