Simplify and share
By now, you each may have accumulated multiple retirement and investment accounts, and despite your best intentions, one of you may be mostly out of the loop on financial matters. Twenty-four percent of partners worry that their mates wouldn’t be able to manage finances without them, and 18% say their mates are completely unengaged, according to a Hearts & Wallets survey Meanwhile, money skills peak around age 53, research shows, and they typically deteriorate as you age.
Do your spouse and your future self a favor by consolidating your money into fewer accounts at fewer firms. That will also make it easier to look at your overall mix of stocks, bonds, and other investments and decide—together—if it’s appropriate.
To see if your investment risk tolerance matches your spouse’s, you can both try this CalcXML tool. A typical allocation for a couple in their fifties might be 65% to 75% stocks and 25% to 35% bonds.