Retirement saving is crucial for couples who want to enjoy their later years stress-free. If you want to get a head start, strategic savings can make all the difference. Here are a few things you’ll want to consider to help build a comfortable future with your partner.
- Understand where you stand. Take stock of your combined assets, debts, and expenses. Assessing your current financial situation will help you set realistic retirement savings goals.
- Make it a conversation.Talk about your retirement dreams and aspirations as a couple. Consider factors like desired lifestyle, travel plans, and potential healthcare expenses. Defining these will give you a clear target to work towards.
- Aim for an age. Decide on the age at which you both plan to retire. This will influence your couple budgeting, with how long and how much you’ll need to save. Remember, the earlier you start, the more time your savings have to grow.
- Early bird, bigger nest egg. Begin as early as possible. Take advantage of couple saving (two is better than one!), and automatic contributions—like in your 401k. This can help maintain consistent savings habits. Consistency is key to growing your retirement nest egg.
- Turbocharge your savings.Opening a high-yield savings account is a great way to help maximize your returns since the interest rates on high-yield savings accounts can be 10 to 12 times higher than traditional savings account. MoneyLion offers a convenient marketplace to compare high-yield savings accounts that could help grow your money. Win-win!
- Take full advantage of your employment. Make the most of retirement savings vehicles such as 401(k)s, IRAs, or Roth IRAs. Maximize contributions to these tax-advantaged accounts to benefit from compounding growth and potential employer matching.
- Communicate and Collaborate. Maintain open lines of communication about finances with your spouse. Work together to make informed decisions and stay aligned with your retirement savings goals.
- Seek Help from a Pro. Consider consulting a financial advisor who specializes in retirement planning. They can provide personalized advice and help optimize your investment strategies based on your unique circumstances.
- Automate Your Investing.Consider an investment account, MoneyLion offers a fully managed portfolio that requires no management fees or minimums. This can help provide more oversight, and optimize your investments without incurring additional costs.
- Diversification is key.There’s no one perfect solution to retiring on time. You’ll want to consider spreading your investments across different asset classes, such as stocks, bonds, and real estate. Diversifying can help reduce risk and increase the potential for higher returns, ensuring a well-rounded retirement portfolio.
Retirement savings for married couples is a journey that requires joint effort, communication, and smart financial choices. Remember, it’s never too early or too late to start saving and MoneyLion is here to help you both enjoy a comfortable future together.