Love, Money, and Retirement: Planning for Your Future Together

Retirement may feel like a distant milestone when you’re juggling careers, a mortgage, and possibly starting a family. However, the earlier you start planning, the more secure and stress-free your future may be. By working as a team and making strategic financial decisions now, you can help set yourselves up for long-term success and financial freedom.

Below are some essential tips to help you create a strong foundation for a comfortable and fulfilling retirement:

Ensure you are on the same page and have an open conversation about your objectives towards saving, investing, and long-term goals. Whether your aspirations for the future include traveling, pursuing hobbies, or relocating, sharing your expectations can help direct your financial decisions.

Discuss the amount of savings you’ll need to put aside to achieve your retirement goals, and factors such as your desired retirement age, lifestyle expectations, and potential healthcare needs.

If you have access to employer-sponsored retirement plans like 401(k)s, make sure to contribute as much as possible – especially if your employer will match a portion or all of your contributions. Even minor contributions can make a large difference in your future savings.

Roth IRAs may be a great retirement tool for young couples, especially if they expect to be in a higher tax bracket in the future. With a Roth IRA, you pay taxes on contributions now and withdraw funds tax-free in retirement.

Prioritize debt repayment while you're both earning – clearing debt now means a more flexible budget in retirement. There are ways to make your debt more manageable, including:

• Refinancing private student loans or consolidating federal student loans
• Credit card debt consolidation loans
• Entering into a debt management plan for credit cards
• Build an Emergency Fund

Guarantee you have an emergency fund before you begin planning exclusively for retirement. Your fund should cover 3-6 months of estimated living expenses, and may help you to avoid dipping into retirement savings throughout unforeseen life or financial crises.

Help secure your future by taking proactive steps today. By planning early and working together, you can build the financial foundation needed for a stress-free and fulfilling retirement. The choices you make now will shape the life you enjoy later—so start today, and stay committed.