Ask the Money Lady,

I’m in my second marriage and my partner and I have always had separate money.  We never combine our income, but instead divide up our bills and pay things separately.  I have been saving, but I don’t think my husband is doing the same.  Now that we are getting closer to retirement, I am worried that we might not have enough.

Debbie, (Worried About the Future!)

Dear Worried About the Future!

Thank you for your question Debbie, it is one that a lot of “Starting-Over Couples” have today.  It is very easy to let your finances take a back seat to your future planning when you are trying to build a future with your new partner.  Having said that, I can’t stress enough that you must stack the odds in your favour by planning for your future – together!  Today people are living well into their 90’s and having separate plans or worse, no plan at all, guarantees hardship and upset as you get older.

If you plan to retire together, you must save and dissolve your debt together.  It is vitally important that both partners be involved in the financial decision process.  I have found that the most financially successful couples, were those that combined their incomes, working together to spend and save for their future.  Those couples that kept their finances separated or secret with separate accounts and liabilities were always worse off.  I have not seen one example in over 25 years of lending, where keeping separate money works.  One partner is always languishing, and the debts get higher while the savings never grow.  It just doesn’t work.  You can’t change what happened in the past, only what will happen in the future.  As a couple, if you want to retire debt free and wealthy, you must work together for a common goal.  Dream together, plan together and remove uncertainties.

Good Luck and Best Wishes,

Money Lady

Written by Christine Ibbotson, Author of “How to Retire Debt Free and Wealthy”  Follow on Facebook & Instagram

Written by Christine Ibbotson, Author of “How to Retire Debt Free and Wealthy”  Follow on Facebook & Instagram

If you have a money question, please email:   askmoneylady@gmail.com