Long-Term Planning for a Strong Financial Future

When it comes to finances, setting goals together is just the beginning. In Part 1 of our Love and Money series , we covered the essentials — aligning on financial goals, budgeting and managing debt. But once your financial foundation is in place, how do you build lasting security as a couple?

That’s where long-term planning comes in. Retirement, big purchases and investments all require careful strategy, and being on the same page with your partner helps you make confident financial decisions.

In this guide, we’ll explore five essential steps to grow and protect your wealth together — from saving for retirement to navigating unexpected financial challenges.

1. Save for retirement as a team
Planning for retirement together helps you build a secure and comfortable future that supports both of your long-term goals. By aligning your retirement plans early, you can take advantage of tax benefits, maximize savings opportunities and avoid financial gaps later in life.

Consider these steps:

• Review your retirement goals annually to account for life changes, income adjustments and evolving plans.
• Maximize contributions to any employer-sponsored retirement plans, like 401(k)s, and consider opening IRAs for additional savings.
• Take advantage of employer matches whenever possible to accelerate your savings growth.
• If you run a business together, make sure you contribute to your retirement by opening a retirement account (SEP, Simple, etc.) that fits your specific needs now and in the future.

For newer couples: Start small by contributing a manageable amount to retirement accounts, and gradually increase your contributions as your income grows. Even modest contributions early on can lead to significant savings over time.

For longtime couples: Stay mindful of required minimum distributions (RMDs) once you hit retirement age. Consider strategies for efficiently drawing down your accounts to minimize tax burdens and extend your savings.

2. Set clear savings goals for major purchases
Big purchases like a home, car or renovation project are more manageable when you have a clear savings plan. By setting defined goals and realistic timelines, you can avoid financial strain and minimize the need for loans or credit.

Consider these steps:

• Make a list of major purchases you plan to make and prioritize them based on importance and affordability.
• Set a target savings amount and timeline for each goal.
• Automate contributions to a dedicated high-yield savings account to steadily build funds.

For newer couples: Begin by setting savings goals for shorter-term purchases, like a down payment on a car or a vacation.

For longtime couples: Diversify your savings strategy to maximize returns. Consider using a mix of short-term CDs, high-yield savings accounts or investment options for larger, long-term purchases, like a vacation home or luxury travel.

3. Prepare for unexpected challenges
Life is unpredictable, and having a plan for unexpected challenges helps protect your finances and your peace of mind. From medical emergencies to major home repairs, being prepared ensures you’re both ready to handle life’s curveballs without derailing long-term goals.

Consider these steps:

• Make sure you both have adequate insurance coverage, including health, life and disability insurance.
• Create an estate plan that includes wills, trusts and powers of attorney to shield your assets and your loved ones.
• Build contingency plans for unexpected income disruptions, such as job loss or major expenses.
• If you run a business with your partner, establish a plan for what would happen if one of you had to take an extended leave from the business.

For newer couples: Discuss how you’d handle financial emergencies as a team and create a basic contingency plan. Build a list of emergency contacts, insurance details and savings plans so you both know the next steps when challenges arise.

For longtime couples: Reassess your insurance needs annually, especially as you approach milestones like retirement or significant changes in income. Diversify your safety nets by exploring options like long-term care insurance or annuities.

4. Align on investment strategies
Smart investing is key to growing your wealth while working toward long-term financial goals. When you and your partner agree on how to invest, you can balance growth opportunities with financial stability. For couples who own businesses together, aligning on personal and business investment strategies can create even greater long-term returns and resilience.

Consider these steps:

• Discuss your risk tolerance and establish an investment approach that fits both your comfort level and long-term goals. If you own a business, analyze how much risk your business can absorb and how your personal and business investments complement each other.
• Diversify your investments to minimize risk while ensuring steady growth. Consider a mix of stocks, bonds, real estate or mutual funds based on your objectives.
• Regularly review your investment portfolio to stay on track with your financial milestones and make adjustments as needed.

For newer couples: If you’re new to investing, start simply by focusing on low-cost, diversified options like index funds or ETFs. Discuss opening joint investment accounts to gradually build your portfolio. If you’ve recently started a business together, work to balance reinvestment in the company with personal savings growth.

For longtime couples: Diversify your investments further and consider tax-efficient strategies. As you approach major milestones like retirement, shift a portion of your portfolio to lower-risk investments to protect your assets. If you own a mature business, consider exit strategies, succession planning or how to convert business equity into retirement income.

5. Revisit goals regularly
Financial goals shouldn’t be set in stone — they should evolve as your life, income and priorities change. By regularly checking in on your goals, you and your partner can stay aligned, make necessary adjustments and celebrate milestones along the way.

Consider these steps:

• Schedule quarterly or annual money check-ins to evaluate your progress and discuss any updates to your goals.
• Review any changes in income, expenses or major life events that could impact your financial plans.
• Use these meetings as an opportunity to tackle new financial challenges or identify opportunities for growth.

For newer couples: Be flexible as you adjust to shared financial responsibilities. Revisit short-term goals frequently, especially when dealing with new jobs, housing or lifestyle changes.

For longtime couples: Account for life transitions like paying for children’s education, downsizing or preparing for retirement. Adjust your financial plans as needed to accommodate these changes while keeping long-term goals on track.

Your financial future starts today
The best time to take control of your financial future is now. With small, consistent steps, you can build lasting security, reduce financial stress and create opportunities.

Ready to plan for the future? Visit a Comerica banking center today to discuss your next steps.

Comerica Bank as a matter of policy, does not give tax, accounting, regulatory or legal advice. All decisions regarding the tax or legal implications of your investments should be made in connection with your independent tax or legal advisor.

Comerica Wealth Management consists of various divisions and affiliates of Comerica Bank, including Comerica Bank & Trust, N.A. and Comerica Insurance Services, Inc. and its affiliated insurance agencies. Comerica Trust is a unit of Comerica Wealth Management which consists of various divisions and affiliates of Comerica Incorporated, including Comerica Bank and Comerica Bank & Trust, N.A. Strategic alliance organizations of Comerica Bank & Trust, N.A. are neither subsidiaries nor affiliates of Comerica Incorporated or Comerica Bank & Trust, N.A. Non-deposit Investment products offered by Comerica and its affiliates are not insured by the FDIC, are not deposits or other obligations of or guaranteed by Comerica Bank or any of its affiliates, and are subject to investment risks, including possible loss of the principal invested. Comerica Bank and its affiliates do not provide tax or legal advice. Please consult with your tax and legal advisors regarding your specific situation. The views expressed are those at the time of writing and distribution and are subject to change without notice. We do not assume any liability for losses that may result from the reliance by any person upon any such information or opinions. This material has been distributed for general educational/informational purposes only and should not be considered as investment advice or a recommendation for any particular security, strategy or investment product, or as personalized investment advice.