One income, two retirements: How couples can protect their future

Couples relying on a single income often need retirement planning that matches their family realities, Morningstar advisors Christine Benz and Valentina Djeljosevic said. They urged couples to look beyond today’s budget and model whether they can keep contributing to retirement accounts on one earner. If the spouse leaving work later plans to return, they noted it can be challenging, so some may use part-time or contract work to maintain skills. Benz recommended at least meeting 401(k) employer matching, adding IRA contributions when possible, including an IRA for the non-earning spouse, and using “reverse budgeting.” For risk protection, they emphasized building a year of emergency savings in liquid reserves and identifying next-line cash sources like life-insurance cash value or home equity lines.