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This week on the Pete the Planner Show, Pete admitted he talked too much last week!
No time to listen? Here’s a preview of what happened and when:
QUESTIONING OUR CONFIDENCE IN RETIREMENT: [1:41]
- The 31st Annual Retirement Confidence Survey by the Employee Benefit Research Institute and the Greenwald Institute has revealed that a significant number (about 35%) of people believe they will receive support from family and friends in retirement. In reality only about 15% actually do.
- DAMIAN: I’m surprised by this information. 35% seems higher than I thought.
- PETE: The other interesting aspect, the number of people who (68%) think they’ll work in retirement vs the number of people who actually do (20%).
- DAMIAN: That is a bleak number. 2/3 of people pre-retirement think they’ll have to work to make ends meet than actually do.
- PETE: Social Security throws a huge wrench in this who issue. It continues to overdeliver on our expectations.
- DAMIAN: Benefits may shrink over time, but Social Security will never completely go away
NAVIGATING THE INCOME DIFFERENCE IN COUPLES: [14:07]
- I got a really great question during a livestreaming event: “What do I need to consider given that my new spouse and I make very different amounts of money and we don’t talk about money a lot?”
- PETE: Practically, this is why life insurance exists: to cover the gap when an income provider can no longer do so for the household they used to be in.
- DAMIAN: Disability insurance, too.
- PETE: A critical problem by not having these conversations is misaligned goals. The higher earner and lower earner have to get on the same page
- DAMIAN: Ask the question: “What are we going to do together to make our life together, better?”
- PETE: Really important to avoid the financial bullying that can easily come from this. Have the conversations. There are lots of ways to work together financially in a household. Find what works. Define it as “our money” to steer away from dramatic power differences.
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.