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A FTER 24 YEARS of marriage, Joe and Jane often finish each other's sentences. So imagine how surprised they were when some differing goals emerged during a recent retirement income plan- ning discussion. As their financial advisor led them through an exercise designed to help them set retirement priorities, they discovered that Joe was eying a particular pocket of savings to enable his early retirement. Jane, on the other hand, viewed that same account as a fund for their children's college education. Taking the Long View Uncovering such differences and deciding how to handle them is a critical early step to building a retirement income plan for both partners. During this first stage, you should consider key questions, such as when you want to retire, where you'd like to live, and how you ideally would fill your days during retirement. The answers to those three questions in particular can affect major financial decisions you make as a couple throughout your marriage, so it's best to start discussing them well ahead of retirement. For example, if you're in the market for a new home, decisions about how much to spend and how long you'll stay there may change when viewed through the lens of retirement. It may make sense to economize on a house you intend to occupy only until your children are through grammar school, or to invest more heavily in a lifelong residence. The size of the mortgage can also affect how much you contribute to retirement savings, as well as whether you enter retirement carrying debt. Starting the Conversation Retirement plan conversations may stretch over a few meetings, not only to help you discover your ideas about retirement but also to learn about issues that can affect your income plan, such as: + Healthcare costs + Risk tolerance + Market and economic realities + Inflation and taxes These considerations should be integrated into your joint retirement income plan. Once your planning meetings have concluded, you may end up with a stronger strategy, as well as a greater understanding of your spouse's hopes and dreams — knowledge that can make your partnership even stronger. Paul D. Guerra is the managing principal of Brookshire Wealth Management in Canton, Ohio. For more information, visit brookshirewealth.com or email Guerra at paulguerra@wfafinet.com. Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. Brookshire Wealth Management is a separate entity from WFAFN. Wells Fargo Advisors does not provide legal or tax advice. Be sure to consult with your tax and legal advisors before taking any action that could have tax consequences. Please consult your legal advisors regarding your fiduciary duties. Wells Fargo Advisors Financial Network LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company. ■ Are You and Your Spouse By Paul D. Guerra +++++++++++++++++++++++++++ + +++ + +++ +++++++++++++++++++++++++++ FINANCIAL PLANNING ❯ on the Same Page? 2 8 | Cleveland/Akron/Canton MD NEWS ■ M D N E W S . CO M ■ M AY/J U N E 2 0 1 5