Retirement Benefits When You Marry

Marriage is a major life event that can change more than your last name or living situation. When you marry, you and your spouse should determine how both of you can obtain maximum employee and retirement benefits at the lowest possible cost.

Health and Life Insurance

You may find that health insurance costs less for a married couple than for two individuals. Before selecting a plan as a couple, consider the variety of benefits and the cost of the plans available to you. 

In some instances, it can be more beneficial to cover each individual under a single plan than to combine both individuals on one plan. It is common for employers to financially support single plans more than family coverage. Be sure to consider how many people will need coverage, and the possible combinations you can choose from to maximize your benefits while saving money.

It is also important to consider benefits that you may not have needed when you were single, such as life insurance. Re-evaluate the benefits that may be useful for you as a married couple.

Retirement Plans

If both you and your spouse participate in an employer-sponsored retirement plan, you should be aware of each plan’s characteristics. Plans may differ as to matching of contributions, investment options, vesting schedules, and loan provisions. Review the details of each plan, as well as the features and benefits. This allows you to make investment decisions to ensure you are taking advantage of the best features of each plan.

When considering retirement plans, be sure to also compare the risk and past performance of the investment accounts available to you. You may find that some accounts can be more fitting to your needs than others.

Loan Provisions

You may find that some employer-sponsored retirement plans provide loans, while others do not. You may want to favor a plan that has a loan provision if you are considering using any contributions for pre-retirement costs or short-term goals, such as:

• buying a home
• college education
• other large purchases

For more information on retirement benefits after marriage, contact one of the professionals at Veridian Investment & Trust Services.

Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA / SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.

FR-1517326.1-0616-0718

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2015.