- Revise your budget to reflect your new marital and financial status.
- Update your personal accounts to include your new spouse.
- Factor in your new combined incomes for retirement
- Encourage your spouse to participate in an employer-sponsored plan if not a participant.
- Determine life insurance needs for you and your spouse in case of a tragedy.
Marriage is one of the major milestones in a person's life.
As with every life event, begin investing for the future with a plan. Start by revising your budget from your single days to reflect your new marital and financial status. Set up a spending plan that covers your short-term and long-term needs and goals: housing, food, clothing, transportation, a larger home or apartment, a new car, vacations, etc. When determining how much to set aside each month for expenses and retirement, factor in your new combined income.
You should also update your personal accounts to include your new spouse, including your retirement plan. If your spouse does not participate in an employer-sponsored plan, encourage him or her to enroll as quickly as possible.
Once you have a retirement plan in place, determine how much life insurance you and your spouse will need in case of a tragedy. A death benefit provides the surviving spouse the funds needed to pay for unexpected burial expenses and secure his or her financial future.