Crafting a Financial Future Together: A Guide for Couples

by Lauren Southards

Marketing Specialist


Embarking on the journey of a committed relationship or marriage is a significant milestone. Amidst the excitement of celebrations, conversations about financial plans may not take center stage. Yet, it is pivotal for couples to engage in open discussions about their financial and investment plans. This holds true not just for newlyweds but for all couples navigating the journey together. Let's explore four key questions to ensure financial harmony with your partner.

What Are Our Retirement Goals?

Aligning your financial goals, especially regarding retirement, lays a solid foundation for your future. Discuss aspirations, timelines, and envision what retirement looks like for both of you. Clear answers to these questions will guide the creation of a joint retirement plan. Seeking additional information on retirement planning? Explore EverFi's financial education modules for valuable insights.

How Should We Invest Our Money?

Understanding each other's retirement goals is the first step; now, dive into discussions on investment strategies. Decide whether joint or separate accounts suit your financial vision. While joint retirement accounts are an option, remember, a joint 401(k) or Roth IRA is not possible. Effective communication about individual contributions is crucial for financial transparency.

How Much Life Insurance Will We Need?

Life insurance plays a vital role in financial planning, especially if you have dependents. Consider a 15- to 20-year term life insurance policy worth 10–12 times your annual income. As you diligently invest 15% of your income towards retirement, there's a possibility of becoming self-insured by the end of the insurance term. Life insurance provides a safety net, offering peace of mind for both partners.

Should We Work With A Professional?

Discuss the option of seeking financial guidance from a professional. Money conversations can be stressful for couples, making the expertise of a financial advisor invaluable. A financial professional can equip you with the right tools and insights to navigate the complexities of joint financial planning effectively.


Additional takeaway for tax season:

As you navigate your financial journey together, consider taking advantage of tax season to get your finances in order. Collaborating on tax-related decisions and filing jointly, if applicable, can optimize your financial situation. Discussing potential tax implications and planning accordingly will contribute to a more organized and informed approach during tax season.

In the midst of life's milestones and celebrations, taking a moment to discuss your financial future as a couple is essential. Addressing these questions early on can help prevent conflicts and foster a stronger financial foundation for your relationship.


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