LexION Blog

3 Retirement Saving Tips for Couples

Being in a long-term relationship gives you more reason to achieve success in life because you have someone to share it with. To every couple I meet, I give so much emphasis on the importance of planning your future together.

With that in mind I’ve listed the most vital retirement saving tips for couples that can help you achieve financial success together.

  1. Transparency

Transparency starts with communication. Hesitation to open up about your thoughts and decisions will sabotage not just your relationship but your future financial success.

A survey reveals that Americans in a relationship struggle with communication issues when it comes to retirement planning. My retirement saving tips for couples require effort from both ends but it is possible. Start by figuring out what your needs and expectations are as a couple, followed by laying out of the plans and collaborating on how you will build on it as you go along.

Up to 76% of Americans discussed general aspects of retirement (year, location, etc.) but do not reach the actual numbers. Make it a point to be specific on your goals and do the calculations. Skipping this step creates a gray area leading to cases of misaligned retirement goals.

  1. Marry All Your Efforts

Functioning as one is an advantage of couples. Open a joint retirement bank account to track and grow your finances together making it more manageable. Along with this, make sure you create mutual decisions about which investments to take and as much as possible do not pre-assign roles, instead, always agree as a team.

  1. Choose Your Third Party Wisely

My retirement saving tips for couples include choosing the right third party in the form of a trusted financial advisor. This person will help you cope up with your investment concerns and dilemmas.

At LexION Capital, you will receive expert fiduciary advice that will help you arrive at well-informed rational decisions that you need in order for your partnership to lead into financial success.