A third of couples say they’re not comfortable talking about money with each other.¹ However, managing finances as a team is one of the most powerful ways to improve your overall financial wellbeing. Done well, financial planning can strengthen a relationship and provide clarity about what lies ahead. These financial planning tips can help.

Keep communication open

When it comes to money, couples aren’t always on the same page. One partner might be more comfortable taking on risk, while the other loses sleep worrying about potential market downturns, for instance.

To that end, we make sure both partners are present when building core financial plans and that the process is tailored to engage each individual. In those conversations, we seek to better understand how the couple thinks through problems and make decisions. We also work to identify how each person prefers to receive information and what drives them to take action. This enables us to tailor how we present recommendations, establish timelines and understand key traits, such as risk tolerance.

Each partner doesn’t need to attend every check-in. But when it comes to setting strategy and making significant decisions, having both voices present helps ensure partners are aligned.

Establish shared goals

A strong financial plan starts with a shared vision. What does your ideal future look like? What kind of lifestyle feels meaningful? When do you want to retire?

At the same time, each partner may have personal goals, such as paying off student loans, starting a business or pursuing a hobby. The planning process helps couples identify both individual and shared priorities and weigh the pros and cons of each. For example, how might starting a business impact your retirement savings plan?

Establishing shared goals provides a clear sense of direction, influencing key factors including how much to save and how that money should be invested.

Adjust insurance as your life evolves

Insurance needs change over time. For younger couples—particularly those with children—life insurance is often essential to replace income and cover everyday expenses, debts and other costs such as college tuition.

As couples grow older, pay down debt, accumulate assets and have fewer obligations to their children, life insurance may be less central. At the same time, other risks become more prominent, such as long-term care costs. Without proper planning, these expenses can quickly erode savings. Long-term care insurance or other funding strategies may help protect assets and provide flexibility.

Make smart Social Security decisions

For many couples, Social Security will play a meaningful role in retirement income. Deciding how and when to claim benefits is an important piece of that equation.

You can begin claiming benefits as early as age 62, though doing so results in a reduced monthly amount. You’ll receive your full benefit at your full retirement age, which for most people is 67, and you can delay benefits until age 70 to receive a higher monthly payment.

Couples may consider several joint claiming strategies. For example, in some cases, the lower earner may claim first while allowing the higher earner’s benefit to grow. If one spouse’s projected benefit is substantially larger, delaying that benefit can increase survivor benefits if one spouse dies.

Protect your legacy through estate planning

Estate planning needs also vary by stage of life. For younger couples with children, naming guardians is a central concern. A will outlines how assets will be distributed and who will care for minors. Regardless of age, every couple should consider financial powers of attorney and healthcare directives that designate who can make financial and medical decisions if one partner becomes incapacitated

As couples age and wealth grows, estate strategies often focus on tax efficiency, asset protection and ensuring a smooth transition of wealth. Trusts are powerful tools that offer flexibility and control. They can help enable a private and seamless transfer of assets while specifying how and when those assets are used.

Regularly reviewing your estate plan helps ensure that it continues to align with your wishes. Reviews should include confirming that beneficiaries are correctly designated on retirement accounts and insurance policies, as those designations often supersede instructions in a will.

A plan built for two

No two relationships are alike, and no two financial plans should be either. Together, we can identify the tools and strategies that align with your shared vision, creating a plan designed to support your goals today and adapt as your life evolves.

¹ Talker Research, “Couples argue this many times a year about money,” 2025.