Being prepared for retirement may not be at the forefront of your discussions if you are currently planning a wedding, however, regardless of whether or not you are a younger soon to be newlywed, or if you are well into your career and about to be married, planning for retirement is a discussion that can never happen too soon. Preparing a New York prenuptial agreement helps plan retirement and other financial matters, since you and your soon to be spouse are now sharing your future plans together, and you may see things more clearly in such a tangible, and structured format. Things like life insurance policies, and how much money you want to put into savings, or an annuity, can be discussed during prenuptial talks, and these are the types of money matters that will help set you, and your partner, on the right path for your future.
The fact of the matter is, that especially here in New York, no one is going to be planning this for you. The numbers show us that retirement plans largely fall into the hands of the individual, since the word ‘plan’ is really a verb- an action that you have to take for your own future, and that of your marriage, and your family.
The following statistics are not meant to depict a dire state of affairs, and be upsetting, but rather to show you that saving and planning for your retirement is really all in your hands. That means that you and your partner will have to, together, decide what of each of your incomes you are going to save, and how. Since the statistics show that outside vendors’ retirement plans are not exactly commonplace, as you may think.
The good news is that, according to a 2013 Fidelity Investments survey, approximately 4 out of 10 married couples (exactly 43%) make investment decisions for their retirement together. This is actually really good news; you are in control of your own destiny, and financial success. This means that it is still commonplace for one partner to be making a majority of the decisions regarding retirement investment funds and/or savings plans on their own. While some couples may be comfortable with one spouse being in charge of the financial plans for retirement, there are some individuals who may want to take a more active role the decisions that will shape their retirement years. Discussing each of your roles in choosing how you will prepare for retirement is an excellent topic to consider when you are preparing your prenuptial agreement.
Prenuptial agreements are often used as a way to keep finances separate or to address the possibility of divorce and address how property and assets would be divided should the marriage end, BUT prenups do not have to be used solely for the purpose of separating and dividing assets. One of the topics that can be addressed is retirement, and no time is better than the present to start planning for your future.