Even if you and your spouse have worked out
the kinks in your day-to-day money habits,
it’s important to reexamine the big picture.BY MIRIAM CROSSI
f you’ve been married for a few years, you and your
spouse have probably figured out which expenses
and bank and credit accounts to share and which
to keep separate. But when it comes to your big-
picture finances—such as getting the most out of your
retirement plans, coordinating health coverage and
lowering your tax bill—the decisions get more compli-
cated. In fact, the strategies that worked best for you
as individuals can look entirely different when you
approach them as a couple.
In 2008, Scott Godes of Rockville, Md., was working
at a firm that didn’t offer a match for his 401(k) con-
tributions. His wife, Deb, did receive a match. Instead
of contributing to his 401(k), he used the money to pay
off a home equity line of credit the couple had taken
to upgrade their home, and she contributed enough
to her 401(k) to capture the match. Their goal was to
decrease their debts while saving as much as possible,
Scott says. “We had to coordinate and recognize that02/2020 KIPLINGER’S PERSONAL FINANCE 39