Financial Planning for Couples: Tips for Joint Retirement Goals

Financial Planning for Couples: Tips for Joint Retirement Goals

Retirement looks different for everyone, and whether you’re settling down or reevaluating your combined approach, managing finances for two is a lot different than managing individually.

With varying incomes and expenses to consider, it is important to establish combined retirement goals and work together to achieve them. Having open, honest financial conversations is a great place to start. Discussing retirement finances is something you will have to revisit frequently as you experience life changes, such as having a baby, facing increased medical costs, taking care of elderly parents, and more.

Transitioning into a paired mindset may take some adjusting, but there are tips and strategies to use along the way as you align your finances with your partner. Read below to learn more.

View Your Combined Financial Snapshot and Establish Goals

To begin, it’s important to understand your individual financial snapshots and how they will impact your combined finances. Take time to review your income, current investments, expenses, debt, savings, and more. Financial apps like Intuit’s Mint are a great way to get a clear picture of your finances because it allows you to connect bank accounts, credit cards, loans, income, and more.

Once you understand where you stand today, discuss retirement goals. Due notes a few considerations, including:

  • The age you’d like to retire
  • Will you both retire at the same time or stagger dates?
  • What your retirement expenses will look like (i.e. increased medical expenses, travel, etc.)
  • How much money do you need for your retirement lifestyle?
  • Potential Social Security benefits
  • Pros and cons of early retirement

As you work through your considerations and goals, you and your partner will be able to determine where there is room for alignment, growth, adjustment, and more. Keep in mind that your goals are not something you should only discuss one time. You will need to revisit them as you encounter changes throughout your lifetime.

Select Accounts

Retirement goals are not one-size-fits-all, and the accounts you select to invest in as a couple are just important as the savings strategy itself.

401(k) plans are essential if one or both of you have employers who offer one. Things like company match, Safe Harbor plans, and more, all contribute to savings efforts over time. Consider the benefits you each have with individual employers to strategize maximizing your funds.

Learn about traditional and Roth 401(k) plans on the Slavic401k blog, and explore answers to common questions here.

In addition, you may want to consider individual retirement accounts (IRAs). These accounts allow you to save extra money for retirement through an individually-managed platform rather than your employer. Slavic Wealth Management offer IRA accounts that you can easily open online and begin contributing to The IRS determines new limits on an annual basis, so make sure you check each year and adjust your contributions as necessary. Over time, the extra funds will make a big difference in your retirement fund.

If you’re married, or planning to get married, you will have to file a joint return that includes both IRAs. The IRS notes that your total contributions may not exceed your joint taxable income or the annual contribution limit, whichever is less. Read through frequently asked questions about IRAs on the IRS website and read about the differences between a Roth and a traditional IRA on the Slavic401k blog.

To explore other options that may fit your combined retirement needs, meet with a financial advisor through Slavic Wealth Management or your other banking or retirement account institutions. The specialist can make recommendations for how to adjust your budget to maximize your savings, while maintaining a lifestyle you want today and in the future.

Once you’ve reviewed your budget, selected your accounts, and put a plan in place, it’s time to sit back and put it into action. Learning how to manage finances as a pair might be challenging at first, but with the right tools in place, you’re destined for success in the present and future.


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