22 June 2018, by Christina Knott, Content Strategist
You’re both in this together and that means for better or worse — and in retirement too. It is important to work together so you will both be able to enjoy your retirement. Both spouses should be saving, keeping each other informed on their saving rate and how they are investing.
- If both spouses are working, it is important to take advantage of your employer-sponsored savings plan, especially if there is a match. These plans include 401(k)s or a 403(b)s such as the Concordia Retirement Savings Plan.
- If one spouse is not working outside the home, you may want to consider a spousal individual retirement account (IRA), which allows you to put aside funds in a tax-deferred investment account for the benefit of a non-employed spouse.