While marriage takes two, saving for retirement can sometimes be the responsibility of one—for better or worse. When a spouse loses a job, decides to stay home with children, or doesn’t understand the importance of saving, it is important to consider how you should save as a family.
Just as marriage is a team effort, so is creating a steady financial plan. There are several ways to contribute to retirement and financial freedom.
Check your statements.
Find out how much money you make and how you spend and save. Gather and assess your bank, credit card, loan and pay statements, as well as investments, life insurance, and outstanding bills.
Make a plan.
Once you’ve detailed your income, debts and bills, find areas where you can save more or spend more wisely. If only one spouse can contribute to a 401(k), contributions should fund retirement for the couple. In response, the other spouse can maintain the budget with a reduced income in mind. Alternatively, post-tax cash savings can be deposited into a Roth IRA.
Dream and set goals together.
Dream about when you would like to retire, what you would like to do during retirement and where you would like to live. It is easier to save when you understand what you're saving for!.
Busey is dedicated to providing support and resources to help you achieve your savings goals—whether it’s establishing an emergency fund, paying for your child’s education or saving for retirement. Contact us today, call 1.800.67 l Busey or visit one of our many convenient locations today.
Investing involves risk and you may incur a profit or loss regardless of strategy selected. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decision. You should discuss any tax or legal matters with the appropriate professional.
Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC, and are not insured by bank insurance, the FDIC or any other government agency, are not deposits or obligations of the bank, are not guaranteed by the bank, and are subject to risks, including the possible loss of principal. Investment Advisory Services offered through Raymond James Financial Services Advisors, Inc. Busey Bank, Busey Wealth Management, and Busey Investment Services are not registered broker/dealers and are independent of Raymond James Financial Services.
This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Opinions are not necessarily those of Raymond James. The information has been obtained from sources conserved to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete.
Busey Investment Services
201 W. Main St.
Urbana, IL 61801