How Retirement of One Impacts Copreneurs

Entrepreneurial couples journey through many phases in their lives. You have the excitement of starting out in business. Later you enter the phase of managing your business as you juggle the demands of home, family and job. Then comes dealing with the “empty nest” as you both continue to work and get to know each other again as a couple. A phase that often brings unexpected challenges is when one of you decides to retire before the other one is ready to do so.

When couples retire at different times, what issues will arise? And how can you cope?

A New York Times article, “Coping When Not Entering Retirement Together”, pointed out two main areas where conflict might arise – how money is spent and how free time is used. This article brought up some interesting topics for conversation that entrepreneurial couples would do well to discuss long before retiring. Some of them are:

• Are you still energized by running a business or is it creating health problems?
• When can you afford to retire?
• Are you going to sell the house so you can more easily afford retirement?
• Will you want to move to a new location?
• Will the one income match your expenses?
• Is your retirement portfolio large enough to support you comfortably for the rest of your life?
• Will social security kick in before your income stops?
• What are you going to do to keep living a meaningful life after retirement?
• Will you be happy engaging in your hobbies, or will you need something else to do?
• Will the working spouse resent how you spend your free time?
• Are you prepared for the emotional consequences of this major life event?
• Will the retired spouse feel guilty, so that you withhold information and communication starts breaking down?
• Will depression become a problem, because your self worth had been defined by the job?
• Is it realistic to think the retired partner will want to do all the housework, cooking, shopping?
• Will the retired individual begin viewing the income from the working spouse as “his/her” income not “our” income?
• Will spending habits need to change?

As you can see, to make a successful transition to retirement, especially if only one spouse is retiring, open and honest communication is the key. Succession planning also is a key issue that can create conflict if you and your spouse disagree. If you both decide to retire will you sell the business or turn it over your children to run?

You might find it beneficial to talk with a marriage counselor on how to cope with emerging thoughts and feelings you didn’t expect. Join me on my Facebook page, (https://www.facebook.com/Kathy.Marshack.Ph.D) and share what you think will be your biggest issue with retirement.

For more information, read on my website – Maintaining a Strong Marriage.