Planning Retirement: Don’t Forget Your Partner

Retirement can be defined in many ways — stopping regular work, taking extended holidays, or enjoying a life of financial freedom. But this is not about how to retire; it’s about who all to retire.

As an insurance advisor, I am privileged to assist many clients with their retirement planning, and each experience brings new insights. Everyone has their own ideas and approaches — some simple, some complex. The common denominator, however, is money. We all need it to retire comfortably.

One aspect often overlooked is whether retirement planning includes your spouse. Many assume retirement is just for the husband, but it should include both partners. True retirement for your partner means providing them with the same freedom you enjoy — freedom from household chores, cooking, cleaning, and child care responsibilities.

While you work hard to provide your family with a good life and quality education for your children, your partner is also managing countless responsibilities — coordinating school, attending meetings, managing the household, and turning a house into a home. Even if there is a maid to help, your spouse is still deeply involved.

So, when the children leave for university and you are ready to retire, shouldn’t your partner enjoy a well-earned retirement as well? A small, practical solution is to include the cost of a maid, cook, or cleaner in your monthly pension plan. The additional investment is minimal but greatly improves your partner’s quality of life — and yours too.

FAQ’s:

1. Why should retirement planning include my spouse?
Retirement affects both partners. Including your spouse ensures they also enjoy financial freedom and comfort.

2. When should I start planning for my partner’s retirement?
Start as early as possible, ideally while planning your own, to accumulate enough for shared retirement goals.

3. How can I make my spouse’s retirement comfortable?
Include small additional costs for support, like a maid or cleaner, in your monthly retirement plan.

4. Does retirement planning differ if my spouse works or is a homemaker?
Yes. Homemakers often manage household responsibilities, so planning should account for their needs and lifestyle.

5. What is the simplest way to ensure both partners retire well?
Adjust your pension plan to cover both partners, ensuring shared financial security and a stress-free retirement.