Some Considerations When Retirement Planning For Couples

Retirement planning requires careful thought about the future combined with discipline in the now to create the nest-egg that can get a person through old age. But when planning for two people, there are certain things that should be kept in mind:

• Make sure that both people are on the same page when it comes to goals in retirement. Having both members of the couple working towards the same end will considerably help planning including determining the proper levels of savings that will be needed.
• Make sure both people are taking advantage of any retirement savings incentives that are offered. Having both put money into 401(k)’s when an employer offers matching will help grow the retirement pot with the essentially free money.
• Always make sure beneficiary forms are properly filled out. For couples that have been married for many years, the chances of having an unwanted beneficiary for an account is smaller. But for later in life marriages always make sure the former spouse has been removed as a beneficiary.
• Never assume that a portfolio will continue to increase at a steady rate. The one certain aspect of the economy is that is will eventually have bad times so be prepared for the chance that some years might be leaner than originally expected. It’s never a good idea to plan for being to get by only with optimal financial conditions.

See Arielle O’Shea, 5 considerations when retirement planning for 2, USA Today, February 21, 2016.