fbpx Skip nav to main content. Start Video Call
Blog Saving & Investing

Couples, sync your retirement plans

Saving & Investing
Couples, sync your retirement plans

Friday, Sept. 6, is National 401k Day.

One way to ensure a happy marriage well into your retirement years is to create a retirement plan with your partner that will satisfy both of you. According to the 2018 Fidelity survey, 43 percent of respondents say they and their partners disagree about the age at which they’ll stop working and 54 percent disagree on how much should be saved. Economic conditions – layoffs, home equity changes and pension freezes – make synchronizing retirement planning more important.

What are key retirement issues and what’s important to us?

Brainstorm individual wish lists, then compare notes. When do you want to retire? Will you work part time? Where would you like to live? What kind of lifestyle do you want? Do you or your spouse want to start a business, travel, or learn a new skill?

How much do we have?

It’s imperative for spouses to know the value of their own retirement accounts as well as the value of their partner’s accounts. Couples should take time to sit down together with their most recent retirement statements and review details.

Are we investing in sync?

Many couples make the mistake of not looking at their asset allocation as a household. Looking at each other’s investments can help each of you decide if you have proper asset allocation. You’ll be able to see if you’re exposed to more risk than you should be and if you have overlapping investments. It’s a good idea to choose a household allocation that will grow enough to cover the younger spouse’s life span. Each account does not have to be set up the same way.

For example, the more conservative spouse might feel better holding a larger amount of bonds versus stocks. Also, be sure to examine the benefits of each of your work plans—look at employer matches, better investment choices, and lower fees.

Will money affect timing?

When you retire can have a huge impact on the lifestyle you’ll be able to afford. If you or your spouse will be getting a pension, review details of payouts and what will happen if one of you dies. To estimate Social Security benefits, use the Social Security Administration’s Retirement Estimator.

Need help synchronizing your retirement plans?

As a member of Arsenal Credit Union you have access to David Weis, our knowledgeable financial advisor available through our broker-dealer CUSO Financial Services, LP (CFS)*. Click here to learn more about David and the services he offers.

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor.  Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.