2. Work Together on Retirement Savings
In today’s world, most couples find that each member works at least part-time. Once the goals for retirement are developed, it is critical for each member of a married couple to make financial contributions towards retirement. Whether it is both members of a couple contributing to a 401K or Roth IRA to reduce pre-tax income to long term goals, or starting a spousal IRA for the member of the relationship who does not work, there are a number of steps that retired married couples can take to improve their financial situation in retirement and potentially lessen their tax burden now. Additionally, by each person contributing money towards their retired years, there will be a lower probability of either member feeling like the family’s finances are all on their shoulders.