Less than a third of couples discuss retirement plans before saying 'I do'
Most Canadian couples do not discuss their views on retirement with each other before saying “I do," a study released Saturday said. According to BMO Financial Group's third annual Valentine’s Day RRSP Study, less than a third of Canadians say they had a detailed conversation with their partner about how they envision their retirement before getting married or living common law.
“While discussing plans for retirement may not be one of the most romantic things to do during the courtship phase of a relationship, it’s important that couples share their thoughts with each other before getting too serious,” BMO spokesman Chris Buttigieg, said in a statement. “You could be spending 30 years with your partner in retirement, so it’s important that you determine early on if you’re on the same page.”
The study also found that 86% of those who are married or in a serious relationship have had conversations about retirement. However, fewer than half of those couples have discussed how much they have saved for retirement or where to live during retirement.
“Canadians need to remember that the amount they’ll need to save for retirement will depend on their desired lifestyle,” Buttigieg said. “Your ideal retirement may be quite different from someone else’s. It’s especially important for couples to discuss what their expectations are and then develop a financial plan that includes a retirement savings component.”