subject: How To Improve Retirement Planning For Married Workers [print this page] Married workers or couples who contribute separate incomes to a household can improve their retirement planning. Specifically, they can increase the possibility of making the most out of their salaries and investment earnings for their golden years, despite the difficulties associated with having separate retirement programs and other problems.
Married workers or partners can improve the potential payouts they receive from their retirement accounts by managing their assets using one allocation method. Also, couples with combined retirement assets are not limited to the their retirement plan assets or balances at their current jobs; they should also think about previous accounts from their previous jobs, as well as any assets that have been transferred through accounts that have been rolled over, such as IRAs. They can then examine their different assets and come up with an accurate inventory (as well as how much each asset is worth), and then plan their retirements jointly. Here are the things couples should do after this initial step:
A couple pursuing the same goals for retirement needs long-term planning and a similarly long-term approach to establishing and updating their retirement plans. Much like retirement planning for individual seniors, both partners will need to identify how much they will need in combined funds for retirement. This amount can depend on the joint savings of the couple at present, potential payouts from retirement plans and retirement investments, the date(s) of retirement, and the choice of retirement lifestyles, among numerous other considerations.
American workers are now living much longer than seniors from previous generations, and chances are, one or both partners may spend upwards of two decades in retirement. This should factor into your retirement plans, which specifically is your expected yearly retirement expenses, as well as the sustainable rates at which you can draw from your savings account/s for retirement. When it comes to diminishing the effects of increased life expectancy, you can consider delaying retirement and further compounding your investment returns and pension or retirement plan benefits and decreasing the number of years you will need to fund for retirement. Working for a few more years after you should both be retired allows you to make additional retirement plan contributions and delay distributions.
Aside from determining their combined expenses for retirement, and delaying leaving the workforce to make up for any expected retirement income shortfalls, couples will need to take a look at the way they allocate their assets and strategize retirement account withdrawals to help ensure retirement security. Married couples can also enlist the aid of investment advisors who specialize in retirement planning for two, much like single seniors do to bulk up their nest eggs.
by: Katherine Smith
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