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Richard T. Miller, CPA, PFS
Registered Representative
Van Buren Financial Group, LLC
615 West 18th Street, Wilmington, DE 19802
Phone: 302-655-9505
May/June 2025
Work Together When Saving for Retirement
It's not unusual for couples to have varying interests. But when it comes to your financial life, it is important to be on the same page.
Different Money Styles
Money is one of the top reasons for marital discord. Open conversations about finances builds transparency and can prevent disputes by addressing issues like differing spending habits or financial priorities before they escalate. So, for starters, make sure you stay current on each other's incomes, debts, savings habits, and financial beliefs, which is fundamental in any relationship.Additional Benefits of Joint Planning
- For couples with children, working together on finances sets a positive example. It teaches kids about money management, teamwork, and the importance of financial responsibility in a relationship.
- Regular, joint financial reviews allow the couple to be better prepared for unexpected events like job loss, medical bills, or economic downturns.
Get Started
Take a look at all of your retirement accounts and other investments to see how your combined assets are invested. Agree on financial goals. Then you can decide with your financial professional on a suitable combined asset allocation* for your investments considering your goals, risk tolerance and investing time frames.Adjustments May be Needed
Over time, your joint asset allocation may need rebalancing if it has shifted or if you or your spouse's risk tolerance changes.** Throughout the process, coordination between you and your spouse can help better prepare you for investing for your retirement.Do it All
Beyond savings, work with your legal professional to draft legal documents for estate planning. This is especially important if you have children. Most everyone needs a minimum of a will, power of attorney and medical power of attorney. You may also want to consider using trusts. Also, your financial professional can make sure that you have enough life insurance should the unthinkable happen.* Asset allocation won't guarantee a profit or ensure against a loss but may help reduce volatility in your portfolio.
** Rebalancing a portfolio may create a taxable event if done outside a retirement account.
Van Buren Financial Group, LLC and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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