Keep the romance alive by sorting out your savings
DURBAN – Ah, love and money. The two most popular topics for musicians, poets, scriptwriters and therapists alike.
A few people spend money as quickly as someone courting a new love, or a couple deep in the midst of wedding planning. But fast forward a bit and we find that money-related issues are capable of breaking down more marriages than they build.
This Valentine’s Day, as you try to figure out whose turn it is to pay for the bill and how much to tip your waitron, consider this:
- A US survey by Ramsey Solutions found that money is not only the top issue that married couples fight about, it is also the second leading cause of divorce (the first being infidelity).
- A study by Fidelity Investments found that half of the couples surveyed differed on how much money they should have saved by the time they reached retirement in order to maintain their lifestyle.
That said, having different numbers in mind is better than having no number at all. Many people who completed the survey simply said they had no idea how much they would need to retire.
Sound familiar? Now, we could advise you to communicate more with your partner, stop hiding the Woolies receipts and basically just get a grip, but there are immediate and practical options that you can embark upon together.
Instead, Mica Townsend, Business Development Manager at 10X Investments, recommends taking just a few minutes to work out your retirement prospects through an online retirement calculator. The first step towards an adequate and dignified retirement together is knowing where you stand presently and where you need to be.
Townsend said: "It’s an easy way to get you and your partner on the same page (or at least the same book) about your retirement. All couples can benefit from help in working out their retirement sums and setting their retirement lifestyle goals, whether you’re newlyweds or celebrating your golden anniversary."
Townsend admits that calculating your retirement goal may not be the most romantic thing you can do on Valentine’s Day, but says it is “one thing that will help ensure you and your partner get to enjoy many more Valentine’s Days together”.