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home › Life Events & Financial Decisions › Major Life Events › Marriage › Reviewing Retirement Plans

Review Your Retirement Plans Together

 
  •  Start thinking of each spouse’s employee retirement plans in the context of a couple’s combined investment portfolio. For example, instead of duplicating each other’s investment asset allocation, consider investing in different types of securities to diversify your portfolios and reduce the risk of loss.
  • If one spouse has a higher income but has plans with poor investment options or no access to tax-deferred retirement accounts, and the other spouse has a lower income and available savings plans, take advantage of the opportunity to save as much as possible.
  • The higher-earning spouse can “reimburse” the lower-paid spouse to compensate for less take-home pay resulting from the savings plan contribution.
  • When saving tax deferred, both spouses will benefit from the tax write-off on a joint income tax return

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