A Guide to Retirement Planning for Couples Asset StrategyIf you’re married, retirement planning is a team effort. Or at least, it should be. While discussing finances and estate planning can easily fall by the wayside, it’s important to prioritize with your spouse. Whether you both retire around the same time, at different times, or one spouse hasn’t worked outside the home in many years, you should discuss retirement today. Here’s a guide to retirement planning for couples.

A Spousal IRA

For your spouse or significant other, you might want to consider an IRA contribution. You won’t be able to directly contribute to their IRA, but you can write a check to them for that specific purpose. In 2022, you can contribute up to $6,00 to your IRA or $7,000 if you’re aged 50 and older. Or, if they’ve already maxed out on their IRA contributions for the year, then you can consider giving shares of a stock issued by a company that your spouse or significant other can relate to.

Discuss Estate Planning

One of the most important things you can do with your spouse and loved ones is to open the estate planning conversation. Whether you need to update an existing plan or look into creating a new one, estate planning is an important piece of your overall retirement strategy, so don’t ignore the conversation. Think of it as a gift! It probably won’t make it into the gift hall of fame, but as hard as it may be to think about a plan for when you pass, passing without a plan for the distribution of your assets is even harder to imagine. Do you have a will? Is it updated to include your personal property? Who will be the executor of your estate? These are just a few of the many questions that need to be addressed during the estate planning conversation.

Consider a 529

Now, for your kids or grandkids, you might want to consider the 529 Savings Plan gift. Did you know that all withdrawals from 529 Savings Plans are free from federal income taxes and, in most cases, state income taxes too? This holds true if the money is used for qualified college or graduate school expenses of the beneficiary you’ve named. Be careful because a withdrawal for a non-qualified expense could have a portion be subject to ordinary income tax and a 10% federal penalty.

The gift of financial independence may trump all, and the best way to get on the right path toward retirement is to schedule your financial review with us. Pick a time when both of you can make it and discuss before and after to make sure you’re on the same page.


Disclosure: Because investor situations and objectives vary this information is not intended to indicate suitability for any individual investor.

This is for informational purposes only, does not represent legal or tax advice does not indicate suitability for any particular investor, and does not constitute an offer to purchase or sell investments. Please consult the appropriate professional regarding your individual circumstance.

There are retirement account risks that could diminish investor returns, such as, but not limited to: low interest rates, market volatility, withdrawal timing and sequence of returns risk, government policy uncertainty and increased longevity. Prospective investors should perform their own due diligence carefully and review the “Risk Factors” section of any prospectus, private placement memorandum or offering circular before considering any investment.

A 529 plan is a college savings plan that allows individuals to save for college on a tax-advantaged basis. Every state offers at least one 529 plan. Before buying a 529 plan, you should inquire about the particular plan and its fees and expenses. You should also consider that certain states offer tax benefits and fee savings to in-state residents. Whether a state tax deduction and/or application fee savings are available depends on your state of residence. For tax advice, consult your tax professional.  Non-qualifying distribution earnings are taxable and subject to a 10% tax penalty.

Advisory Services are offered through Asset Strategy Advisors, LLC (ASA), a SEC Registered Investment Advisor. Securities offered through registered representatives of Concorde Investment Services, LLC. (CIS) or RCX Capital Group, LLC (RCX), both members of FINRA/SIPC. Insurance Services offered through Asset Strategy Financial Group, Inc. (ASFG). ASA, CIS, RCX and ASFG are independent of each other. All research reports from third parties are for informational purposes only.















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