Taking a Team Approach to Retirement Savings
This week, Craig Siminski, of the Equity Design Group shares some important information for married couples with dual incomes:
Now that it’s common for families to have two wage earners, many married couples accumulate assets in separate accounts. They might each have savings in an employer-sponsored plan and perhaps one or more IRAs as well.
Even when most of a couple’s retirement assets reside in different accounts, it’s still possible to craft a unified savings and investment strategy.
Communication and teamwork are good for a marriage in general, and working together could help create a stronger financial future.
Mars and Venus
Research has consistently shown that men and women have different investment approaches. Individual strategies vary, of course, but in general men tend to be more aggressive and trade more frequently, while women tend to be more methodical and embrace a buy-and-hold strategy.
Over the long term, women may be more successful investors — one study found that their returns outpaced men’s by about 0.4%, while another found a difference of 1.2%.2 But women do not invest as much or as early in their lives and may be overly cautious. A recent survey found that women keep more assets in cash than men do, which will result in the loss of…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 20 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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