We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
I read the following over and over. What are they trying to say? I can’t be sure, but I think it means when planning for and once retired, both partners should be equally involved and participate in all relevant decisions.
Cognitive interdependence is a good thing – it appears.
This research examined the influence of cognitive interdependence—a mental state reflecting a collective representation of the self-in-relationship—on the anticipation for and experiences with the transition into retirement. Among soon-to-be retirees (Study 1), greater cognitive interdependence was associated with seeing partners as more instrumental to one’s goals both pre- and post-retirement, anticipating greater goal alignment post-retirement, and having directly involved partners in retirement planning to a greater extent than those relatively lower in cognitive interdependence. Among recent retirees (Study 2), retrospective cognitive interdependence was associated with post-retirement goal alignment and goal instrumentality, and the extent to which they believed they had directly involved their partners in retirement planning.
However, it was post-retirement goal alignment that was associated with greater ease of retirement and subjective well-being. Finally, soon-to-be retirees relatively high in cognitive interdependence responded to concerns about their retirement (i.e., goal discordance and high retirement ambivalence) by wanting to involve their partners in their retirement plans to a greater extent (Study 3). These studies highlight the importance of romantic partners across the lifespan, and how partners might influence retirement planning, the transition to retirement, and well-being among recent retirees.
But I haven’t read many articles here or elsewhere discussing the importance of husband and wife agreeing/understanding, and sharing responsibility for financial decisions, retirement or otherwise.
The wife and I both have pensions which were reduced actuarially so that they will both continue unchanged on the death of the other. That seemed like a no-brainer to us. As I recall, in California at least, we were required by law to agree. I could not unilaterally choose a higher pension and leave her poor after my death. Nor could she do that to me.*
For investments, I have most of my IRA and other investments in index funds. She lost a bit in 2008-9 and wants nothing to do with the market. Has cash and CDs. As it happens, we each have roughly equal funds; separate banks, joint accounts.
*I don’t know what happens if we couldn’t agree on the annuity. Could it go to court?
A spouse agreeing to a single life annuity pension must be in writing under federal law. As for other articles, I and others have written about that subject and it’s importance on HumbleDollar.com
QUINNSCOMMENTARY 
But I haven’t read many articles here or elsewhere discussing the importance of husband and wife agreeing/understanding, and sharing responsibility for financial decisions, retirement or otherwise.
The wife and I both have pensions which were reduced actuarially so that they will both continue unchanged on the death of the other. That seemed like a no-brainer to us. As I recall, in California at least, we were required by law to agree. I could not unilaterally choose a higher pension and leave her poor after my death. Nor could she do that to me.*
For investments, I have most of my IRA and other investments in index funds. She lost a bit in 2008-9 and wants nothing to do with the market. Has cash and CDs. As it happens, we each have roughly equal funds; separate banks, joint accounts.
*I don’t know what happens if we couldn’t agree on the annuity. Could it go to court?
LikeLike
A spouse agreeing to a single life annuity pension must be in writing under federal law. As for other articles, I and others have written about that subject and it’s importance on HumbleDollar.com
LikeLike
Someone at the National Institute of Health trying to prove they are worth their paycheck but really not!
LikeLike