Planning Your Retirement as a Couple

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( — March 13, 2017) Syosset, New York — 

Retirement planning is an activity that all of us should be engaged in. Couples usually approach their golden years as a team, but not always when it comes to planning. Only about one-third of couples have even discussed their retirement plans. 

What’s more is that about half of women expect that their partner will be an important source of retirement income, while about one third rely on their partner as a backup plan in case they can’t work anymore. 

Planning your future with your significant other is a great thing to do. Here are some key points to consider:  

1. Goals

Sitting down and discussing what your retirement years will look like is a good way to find common ground with your spouse. You may be surprised to find that you have different views on how you’d like to spend your leisure years. 

“What are you going to do with your time? What things would you still like to accomplish? Where would you like to travel? Where will you live? Would you like to know how much money do you think you will need?” – These are the questions that are worth considering. 

2. Saving

The different savings options for retirement are many and varied. If either of you has an employer-matched 401k, then this would be a primary point of focus for you. Otherwise an IRA, or non-matched, employer-sponsored plan is something to look into.

3. Tax

This should be something to take into account when choosing where you collectively save for your future. Talk to a financial professional, and formulate a strategy so that you get to retirement with tax-deferred funds in traditional IRAs and 401(k)s, tax-free funds in Roth accounts and, if necessary, already taxed funds in a brokerage account.

Doing so will allow you to minimize your tax burden as much as possible.

4. Keep your documents current

The beneficiaries on your retirement accounts and life insurance trump your will. Keep those designations up-to-date.

5. Communicate

It’s not just retirement. Couples sometimes fail to talk about money entirely. A quarter of couples disagree on the amount of their households’ investable assets; and close to half don’t know their spouse’s salary. 60% of couples and almost half (49%) of Boomers don’t have any idea how much their Social Security benefit might be.

Communication is essential if you want to avoid making some major mistakes on this front. Staying informed is the best way to keep control of your assets and retirement plans. 

For example, if your spouse dies prematurely or you divorce, you don’t want to be left high and dry. You each need to know how and where your money is invested along with details like account logins and where paperwork is filed.



Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities. 

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances. Member FINRA & SIPC

About David Lerner Associates

Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 1-800-367-3000 Visit our website:

David Lerner Associates

477 Jericho Turnpike
Syosset, New York 11791
United States
800 367 3000