From Romance to Retirement: How to Discuss Finances with Your Partner

While discussing finances with your partner can be a sensitive topic, it doesn’t have to be. In fact, having conversations about financial planning can be informative and even enjoyable, helping couples determine if their financial goals align.

For early-stage couples or even those on a first date (if you’re bold enough), here are a few discussion points:

#1 If you were a billionaire, what would you do with your money?

Let’s start with a fun one! With fewer than 1,000 billionaires in America, the chances of dating one are slim. However, this question can spark an engaging discussion about what your partner values most. Are they motivated by material possessions, or would they donate to charity? It’s also a lighthearted way to gauge their financial mindset—whether they prioritize paying off debt or are concerned about supporting loved ones.

#2 How do you feel about debt?

Most people have some form of debt, whether it’s a mortgage, student loans, car payments, or credit cards. While some debt can be beneficial for building credit and managing finances, too much can derail long-term financial goals. Understanding your partner’s perspective on debt can help you assess financial compatibility.

#3 What was your latest splurge?

People often enjoy talking about their recent indulgences. This question can reveal whether your partner values material goods like a new car or jewelry or prefers experiences like travel. You might also learn about their budgeting habits by asking if they saved for the purchase or made a spontaneous decision using credit.

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For committed couples who have been together for several years:

#1 How do we envision our retirement, and how can we make it work financially?

Retirement is a significant financial goal. While reviewing financial statements over a romantic dinner might be a bit much, couples should agree on when they plan to stop working, and whether they’re saving enough to meet their retirement goals.

#2 Do we have an emergency fund?

Not every day is smooth sailing. Having an emergency fund is crucial for covering unexpected expenses, such as job loss or medical bills. Talking about this can help create financial stability in challenging times.

For couples approaching or in retirement:

#1 As we get older, do we handle money like our parents did?

Many people unconsciously mirror their parents’ financial habits. If your parents provided a stable upbringing and enjoyed a comfortable retirement, it can be a great reflection point. If not, discussing how to create a better financial future together can be insightful. Plus, sharing funny or cautionary family money stories can make the conversation more enjoyable.

#2 How much income do we need to maintain our lifestyle in retirement?

This is a great way to understand whether you and your partner envision a simple retirement or a more extravagant one. Discussing goals such as purchasing a second home, funding a grandchild’s education, or traveling can help you align expectations. Reviewing sources of retirement income, such as Social Security, is also important.

#3 Do we have an estate plan?

Discussing estate planning helps ensure your assets are distributed according to your wishes. It’s also important to designate a power of attorney in case one partner becomes unable to make financial decisions. Estate plans should be reviewed after major life events, tax law changes, or every few years.

While financial discussions might not be the highlight of the evening, couples who align their financial goals have a greater chance of long-term success. If you want to have a deeper conversation about your financial plan, don’t hesitate to contact us.

This is intended for informational purposes only. You should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from Savant. Please consult your investment professional regarding your unique situation.

Jonathon D. Merickel Portfolio Advisor CFP®, MBA

Jonathon has been involved in the financial services industry since 2002. He earned a bachelor of science degree from Syracuse University and an MBA from Le Moyne College.