Canadian retirees say it’s important to talk to your significant other to ensure you share the same vision of your future together, according to the TD Waterhouse Couples and Retirement poll.

According to the poll, 51% of Canadian retirees say they had no idea, or only a vague idea, of what they wanted their retirement to look like and of those Canadian retirees who are married or in a common-law relationship, only half (51%) had the same vision for their retirement as their partner.

This lack of a shared vision can cause friction in a relationship with 19% of retirees saying there is conflict in their relationship because they have different retirement dreams.

“Retirement planning as a couple is about more than just saving money — you need an understanding of what you would like to do together and recognize that your vision will evolve over time,” says Patricia Lovett-Reid, senior vice president, TD Waterhouse.

“The key to a rewarding retirement is to discuss your lifestyle goals, and how your finances can help you meet these goals. Confidence can come from an honest discussion with your partner, and the help of a trusted financial advisor,” she adds.

The poll found that 34% of Canadian retirees who are married or in a common-law relationship say that they are closer than ever because now they get to spend more time together. One out of five Canadian retirees (19%) say that the hardest thing about adjusting to retired life is not being able to do all of the things they used to do because of a reduced income, while 14% say it is coping with change.

“Retirement creates a whole new dynamic for couples who have spent years together in the same comfortable routine of going to work and raising kids,” says relationship therapist Joe Rich. “There is an adjustment period that most couples experience when that routine changes. Getting ready emotionally to deal with that new reality can be tougher than people think — but talking to each other about your retirement expectations — and fears — can help to work through any issues, together.”

Canadian retirees have varying definitions of a “retirement plan.” According to the survey, for 44% it is thinking about lifestyle goals and how finances can help to reach those goals, for 19% it is about developing a diversified investment strategy, for 15% it is putting money aside in an RRSP each year and for 13% it is contributing to an employee pension plan.

“What I encourage Canadians to do is consider where you are now, what you and your partner want to do when you retire, and how you can get from here to there,” says Lovett-Reid.

“Couples who discuss their dreams openly and work with a financial advisor they trust can create a roadmap for success,” Lovett-Reid concludes.

The TD Waterhouse Couples and Retirement poll examined the attitudes and behaviours of 1,002 retired Canadians, age 55+, including 746 retirees who are married or in a common-law relationship. The survey was fielded between January 14 and 18 by Angus Reid Public Opinion, a division of Vision Critical.

IE