Financial worries are creating problems for baby boomers. Debts incurred by one partner or both partners are one of the main sources of financial worries. There was a recent poll taken by “Fidelity” that analyzed how money problems affected baby boomer relationships.
There were 1,662 couples polled for the survey. Thirty-nine percent of the people surveyed stated that they came into a relationship with debt. Thirty percent of people stated that money problems had a negative impact on their relationship. Forty-four percent of people stated that they worried about retirement.
Seventy-two percent of baby boomers stated that they fought with their partner about money occasionally. Only 39 percent of people stated that they were not stressed at all about money. Alexandra Tussing is the vice president at Fidelity. She stated that 50 percent of couples disagreed about how much they should save up for retirement.
She also stated that 46 percent of people stated that they did not know how much they should save for retirement. She stated that it is important for people to sit down and discuss their debts and money issues. They will also need to discuss how much money they will need to have for retirement.
One of the ways that not having enough money can cause a strain in boomer relationships is because many people are forced to work longer hours. The survey showed that 53 percent of people stated that they would work longer to save up more money for retirement. They do not mind working longer even if it means that they will have to spend less time with their spouse.
Interestingly, the study also showed that people are more concerned about their spouse’s happiness than money. Ninety percent of people stated that they would rather their spouse work at a lower-paying job that makes them happy than a high-paying job that is stressful.
There are several ways that baby boomers can plan to prevent money problems. The best thing that people can do is plan for their future. It is a good idea to consult with a financial planner. It can be hard for you to navigate through the financial world on your own.
You will also need to set a retirement budget. You will need to set up a retirement budget the same way that you set up a traditional budget. You will need to list all of your expenses and the amount that you expect to get from retirement. You may have to make changes to your plan before you retire.
Additionally, you will need to set up a will. Only 25 percent of people in America have a will, but this is one of the most important financial documents that you can have. A will ensures that your heirs will get what is theirs after you pass away.