An Overview of Retirement Planning For Couples
                     An Overview of 
Retirement 
Planning For 
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If you're married, planning your retirement is a 
collaborative effort. It ought to be. While discussions about 
financial matters and estate planning could quickly be put 
off, It is crucial to discuss the issues with your spouse. If 
you're both retiring in the same period, at various times or 
if one spouse hasn't left home for a long time, it's 
important to discuss retirement now. This is a step-by-step 
guide to planning your retirement for couples that 
retirement wealth advisors suggest.
A SPOUSAL IRA
If you are married or have a significant other, you may 
consider making an IRA contribution. You can't directly 
contribute to the IRA. However, you may send a check 
specifically for that goal. In 2022, you'll be able to 
contribute up to $6,00 into the IRA and $7,000 when 
over 50. If they've exhausted their IRA contributions in 
the past year, you might consider giving shares of a 
stock issued by a company to which you or your 
significant other could connect.
DISCUSS ESTATE PLANNING
A key way to interact with your partner and loved ones is to begin 
the conversation about estate planning. If you're looking to 
improve an existing plan or consider creating a new one, estate 
planning is crucial to your entire retirement plan, and you 
shouldn't leave out the topic. Consider it as an opportunity to give! 
It's unlikely to be included in the hall of fame for gifts. However, as 
difficult to come up with the best way to plan your estate the day 
you die. Dying without having a plan for the distribution of your 
assets is difficult to think of. Do you have any wills? Do you have 
an updated will that includes any personal belongings? Who is the 
executor of your estate? These are only one of the many questions 
that must be answered in the estate planning discussion.
THINK ABOUT 529
For your children or grandkids, you may think about a 529 Savings 
Plan present. Did you learn that all withdrawals made in 529 
savings Plans are exempt from federal income tax and, most of the 
time, even state income tax? This is true even when the funds are 
used to pay for college or graduate school costs that the recipient 
you've chosen to name. Be aware that any withdrawal made of a 
non-qualified expense may include a portion subject to the ordinary 
income tax and an additional penalty of 10% in the federal 
government.
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