71: What's Yours Is Mine, And Mine Is Mine

Retirement

Retirement planning is crucial for couples, especially when one partner takes time off work to raise children. Laurie Itkin emphasizes the importance of maintaining individual retirement accounts, as they provide financial security in case of divorce 1. She advises contributing to a spousal IRA even if one partner isn't earning an income, ensuring both parties build assets independently 2.

If you are going to take time, whether you're the male or the female, you're going to take time out of the work to raise kids. Make sure you're putting 5500 a year in that IRA, which is under your own name.

--- Laurie Itkin

This approach not only secures individual financial futures but also fosters transparency and trust in the relationship.

   

Investments

Investment strategies for couples should align with shared values and financial goals. Laurie Itkin suggests that understanding each other's financial motivations can prevent conflicts, such as the emotional desire to own a home versus the financial practicality of renting 3. She also recommends her book, "Every Woman Should Know Her Options," as a resource for learning about investment basics and strategies 4.

It's all about values. What do you value? What are your priorities for money?

--- Laurie Itkin

By respecting each other's financial perspectives, couples can create a harmonious investment plan that benefits both partners.