Making Financial Decisions, Together

Three things to consider when talking to your partner about planning for a financially secure retirement.

Being on the same page when making big decisions is essential in any relationship. Part of making decisions is striking the right balance between short-term and long-term needs. Whether your relationship is in its early stages or you’ve been together for decades, taking the time to regularly sit down with your partner to discuss your financial future (including retirement goals) is important.

To spark meaningful conversations on one or more of the scenarios below, make sure you periodically carve out some time with your partner to align your financial priorities.

1. Mapping out a future together.

As you and your partner begin your life together, you might be juggling several financial obligations at once, such as student loans, car payments and rent. These immediate priorities can easily pull your focus away from saving for big moments down the road.

Our Retirement Savings Calculator can help you plan ahead and stay focused. Setting a realistic plan for saving includes starting (or increasing) your contributions to your retirement plans and taking full advantage of an employer match, if available. When determining your portfolio’s asset allocation, consider factors such as your respective ages and risk tolerance. If you both are years from retirement, remember that you’re saving for the long term and have plenty of time to make it through ups and downs in the financial markets.

2. Balancing spending and saving.

As your financial goals evolve with your relationship, you may be faced with making major life decisions like starting or expanding your family or taking out a mortgage. While these moments are incredibly exciting, they can also be expensive. Discuss how you plan to navigate these decisions, while also continuing to focus on your long-term savings goals.

Look at your budget to find ways to minimize nonessential spending. Consider ways to also bolster your long-term savings, such as increasing contributions to your retirement accounts. Our Retirement Readiness Calculator can help you see if you’re on track with your savings journey and illustrate how a small increase now has the potential to add up over time. In addition, be sure to start or continue contributing to an emergency savings fund to address short-term financial emergencies.

3. Rounding the retirement corner.

As you near retirement together, make sure you are both tuned in to what each wants those golden years to look like and the income you’ll need to support the lifestyle you ultimately agree on.

Take time to review the asset allocation for any retirement portfolios you may have, and make sure it still aligns with your goals. If you’re over 50 years old, you may also be eligible to make catch-up contributions to your retirement plan to help boost your savings. You can check the 2021 contribution limits here.

Also, when projecting your income in retirement, don’t forget to factor in how much you expect to receive from Social Security. If you haven’t already done so, you can access your current Social Security statement here.

While it’s natural for your retirement goals to change as you and your partner enter new stages in life, it’s important to discuss these matters as your priorities, needs and circumstances evolve. By checking in with each other regularly, you can tackle your short-term priorities while still focusing on the long-term objective of preparing for a financially secure future.

To learn more about how you and your partner can plan for retirement, contact your local Mutual of America representative.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes only. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.


You should consider the investment objectives, risks, and charges and expenses of the variable annuity contract and the underlying investment funds carefully before investing. This and other information is contained in the contract prospectus or brochure and underlying funds prospectuses and summary prospectuses, which can be obtained by calling 1-800-468-3785 or visiting mutualofamerica.com. Read them carefully before investing.

Mutual of America's group and individual retirement products are variable annuity contracts and are suitable for long-term investing, particularly for retirement savings. The value of a variable annuity contract will fluctuate depending on the performance of the Separate Account investment options you choose. Upon redemption, you could receive more or less than the principal amount invested. A variable annuity contract provides no additional tax-deferred treatment of benefits beyond the treatment provided to any qualified retirement plan or IRA by applicable tax law. You should consider a variable annuity contract's other features before making a decision.




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