Married looking to be saved

Added: Jazmin Platz - Date: 27.02.2022 01:53 - Views: 33446 - Clicks: 6202

In the midst of getting married last fall, Carl Drotleff, a year-old senior compliance officer in Indianapolis, and his wife knew they had to have an important conversation — the money talk. They merged their finances and began working on budgeting -- they also thought a lot about how to save for retirement. They decided he should take the company match, instead of stopping contributions to a new plan.

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Drotleff and his wife did something most relationship experts suggest couples do before they get married. Discussing how to save for retirement as a couple is an important component when combining two financial households, said Dede Jones, a financial adviser and managing director of Innovative Financial in Golden, Colo.

It goes beyond financial goals, to envision the future and how each partner sees it. One may be the saver, another the spender, but being open and honest about their intentions with money can help one spouse understand the other and plan accordingly. See: These college majors predict when you will marry. Spouses can discuss investing in an employer-sponsored retirement and how to maximize their savings while meeting other financial goals, such as a buying a home or debt repayment. They should also get educated, preferably together, about other savings avenues, such as an individual retirement and how to claim Social Security down the line spousal benefits come to mind.

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Thinking about retirement at the start of a marriage is crucial for building up a nest eggGenkin added. What spouses should not do is assume the other one is handling the finances -- both people should be saving for themselves, as well as their future together, but assuming your partner has it under control could put you and your future at risk. See also: 5 times being single costs you a lot of money. Wondering what your savings should look like during a major money milestone?

Send your questions to personal finance reporter Alessandra Malito. Alessandra Malito is a retirement reporter based in New York.

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Money milestones: This is what your finances should look like when you get married Published: July 29, at a. ET By Alessandra Malito.

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Married looking to be saved

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Money milestones: This is what your finances should look like when you get married