When you first get married, there’s a lot of stuff to talk about. And retirement isn’t usually on the hot-topic list. But setting long-term financial goals is one of the most important conversations you'll have as a married couple. It's never too soon to begin talking about your retirement goals together. Pay attention to your money now to help build a strong foundation for your financial future.

Talk about it

There are some pretty big things to think about. Where are you and your new spouse headed on the road to retirement? Do you share the same dreams and vision for the future? Have you even discussed it? Then there are the more practical questions. Are you both eligible for employer-sponsored plans? Are you contributing? And how much? Could you help each other save even more? As far off as retirement may seem to newly-weds (especially those in their 20s and 30s), it’s crucial to start the conversation now.

Put your nest egg on growth supplements

Maybe you both have an employer-sponsored retirement plan already, and this is a great place to start. Consider taking full advantage of any match that’s offered, and, if you can afford to, it may be best to make the maximum contribution you can for each year. Not only can your nest egg grow faster, but you’ll save on current income taxes. If you don’t have an employer-sponsored plan, you may choose to set up an Individual Retirement Account (IRA) and make regular contributions. If one of you doesn’t work, consider spousal contributions. Also, keep in mind that once you’re married it’s important to update all of your retirement accounts with new beneficiary designations. It’s an important detail that’s easy to overlook.

How many eggs do you have?

It may help to discuss other investments that you own, and who’ll take responsibility for managing them. Will it be a joint effort or will one of you take the lead? Talk about your investing knowledge, philosophies, and how you each feel about risk. It is also important to understand other goals along the way that could impact your situation (college savings, home purchase, etc.). Getting on the same page now will help you avoid disagreements later. 

You may also want to meet with a financial professional to talk about your investment options and help you work through how much you should be saving now to help meet your future needs.

Do it now

Procrastination robs you of more than time. It can take off with a lot of your cash too. No matter your financial situation or how long you’ve been married, take action now. You’ll be glad you did. 

This material is provided for general and educational purposes only; it is not intended to provide legal, tax or investment advice. All investments are subject to risk. We recommend that you consult an independent legal advisor or financial professional for specific advice about your individual situation.

The tax information herein is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. 

Securities offered through Voya Financial Advisors, Inc. member SIPC.

Neither Voya nor its affiliated companies provide tax or legal advice. Please consult with your tax and legal advisors regarding your individual situation