Take charge of retirement, together.
Retirement planning for couples
Learn how you and your partner can work together to plan for a secure financial future.
Talk about money
Your future together begins with a conversation. These questions can get you started.
What do we each want out of retirement?
Any two people may see retirement differently. Talk about your hopes, dreams, and goals so you can build a plan as a team.
When do we think we want to retire?
Having a date and/or age to work towards can help you determine how much you need to save to achieve your shared goals.
How will we handle the unexpected?
Discuss your plans for surprise expenses like long-term care or other health issues that may arise.
To build a plan for life, agree on your goals.
Most couples have other financial goals, in addition to saving for retirement. Use these examples to spur conversation, and think about any additional financial needs you may have.
“We want to retire securely.”
Talk about how you both want to live in retirement and set saving goals as a team.
“We want to travel the world.”
Have a getaway in mind? Talk about your plans and how much you can afford to spend on your trip.
“We want to start a family.”
If you’re planning on kids, talk about the potential impact on your expenses and how you may adjust your spending.
“We want to buy a home.”
Want a place all your own? Discuss what you can reasonably save for—and spend on—a future home.
“We want money saved for emergencies.”
Many couples aim for three to nine months of expenses in an emergency fund. Talk about how you can get there together.
“We want to pay for education.”
If one of you is in school or planning to enroll—or you’re preparing for kids—talk about the costs and if you’ll need loans.
A budget can help you and your partner achieve these goals.
Work together
Getting the retirement you both want takes teamwork.
After discussing goals and aligning on a budget, there are a few practical things you can do that will help you along the way.
Maximize your retirement accounts.
Couples may want to maximize contributions to their 403(b) or 401(k), and even open an IRA to save more.
Coordinate investment strategies.
Build investment strategies that complement each other’s risk tolerance, time horizon and financial goals.
Consider your estate.
Talk with your partner about who will receive your assets after your death. More on this in Choose Beneficiaries.
Choose beneficiaries
Make sure your savings will always be in trusted hands.
A beneficiary is who inherits your assets after your death. This will be someone you and your partner know and trust, such as each other, children, friends, or even a charity or nonprofit. Each partner picks their own beneficiaries, so be sure to discuss how your choices affect your family and estate. TIAA account holders can update beneficiaries online.
Here’s how to update your beneficiaries.
Gather beneficiary information.
To set up your beneficiary, you’ll need their:
- Name and address(es)
- Telephone number(s)
- Email address(es)
- Date(s) of birth
- Social Security or Taxpayer Identification Numbers
Log in to your account.
If you have a TIAA account, you can add or update your beneficiaries directly from your online profile. It’s easy and should only take you a few minutes.
Click the link below and log in. Then click the three vertical dots on the right side of the screen and click "Add beneficiary."
Select your beneficiaries.
There are two types of beneficiaries:
A primary beneficiary, who is the first person who will inherit your assets. For couples, this is often each other.
A secondary (or contingent) beneficiary, who will receive your assets if your first choice cannot.
You don’t have to choose a single primary or secondary beneficiary. If you want to, you can split assets across multiple joint beneficiaries.
Dive deeper: Learn more about beneficiaries.
Start your plan
We’re here to help.
Whether you need budgeting guidance, a retirement plan, or just have questions on how much you should save, our team can help.
Get advice
Meet with a TIAA consultant or use our Retirement Journey Planner. You can also reach us at 855-728-8422 weekdays, 8 a.m.–7 p.m. (ET).
Start your budget
Our budget worksheet breaks down a spending plan and can provide a great starting point for your budget.
Set beneficiaries
To set a beneficiary, you’ll need their name, address, phone number, email address, date of birth, and Social Security or Taxpayer Identification Number.
Financial consultants provide advice and education using an advice methodology from an independent third-party.
This material is for informational or educational purposes only and is not fiduciary investment advice, or a securities, investment strategy, or insurance product recommendation. This material does not consider an individual’s own objectives or circumstances which should be the basis of any investment decision.