Who is your financial role model? If you’re married and said your spouse, you may want to rethink your answer. investinyou (In partnership with acorns.)
Part of that can be attributed to retirement plan features — such as automatic enrollment and employer matches — which nudge employees to save at rates based on themselves alone, the study said.. Those accounts let you invest up to $6,000 per year for a nonworking spouse's retirement. Those age 50 and over can contribute as much as $7,000.A couple should decide jointly when to claim Social Security benefits for each partner.
For those couples, claiming early can have an adverse effect, reducing the higher-earning spouse's benefits, and thus triggering lower spousal benefits for their partner. Spousal benefits and survivor benefits are two ways of claiming based on your marital status. These strategies are mostly used by women, according to theChanging marital patterns — with many marriages lasting less than 10 years — can make women ineligible for these benefits, the Center for Retirement Research found. Plus, time spent out of the workforce can reduce women's own benefits.
For couples and individuals, that means they need to plan carefully when deciding which Social Security claiming strategy best suits them.
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