Marriage

Now is a great time to consider long-term goals such as buying a house, providing for your family, and ensuring a comfortable retirement. You may also have questions about short-term needs, such as paying for the wedding, combining your finances, or investing cash you may receive as wedding gifts.

• Get Organized
• Create Financial Goals
• Update Your Insurance Plans
• Consider Your Tax Filing Options
• Create a Will
• Start a College Savings Plan

Get Organized

It's important to know the financial considerations associated with getting married — and to make a plan to get organized

Steps to Consider

• If you are combining your finances, work together to create a budget that is realistic and that will work for you both. Reduce or eliminate bad debt such as high interest credit card debt and don't forget to establish an emergency fund to cover unexpected expenses.
• If you are changing your name, be sure to update your license, passport, and bills.
• Consider making your spouse the beneficiary on all accounts (i.e., direct investment accounts, workplace retirement savings accounts, employer stock plan accounts, and life insurance).
• Create a dedicated and organized space where you can pay and store bills.

Fidelity Solutions

• Update the Name on Your Accounts.
• Update Your Address.
• Update Your Beneficiaries.
• Look for savings opportunities using the Budget Snapshot.

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Create Financial Goals

Working together to identify your financial goals, focus on both short-term plans, like buying your first home, and long-term plans, like when and where you want to retire. To help meet future financial needs, Fidelity suggests that you save a minimum of 10-15% of your gross income annually and make retirement a top priority and create a plan to reach your retirement goal.

Steps to Consider

• Is consolidating your finances right for the two of you? Determine how your shared finances will be managed — you may want to consider hiring a professional money manager to help.
• Enroll in your workplace savings plan as soon as you are eligible.
• Take full advantage of any employer match.
• Next, reduce or eliminate bad debt such as high interest credit card debt and establish an emergency fund as a safety net, while still contributing enough to workplace savings plan to capture employer match.
• Save more for retirement using tax advantaged savings. Increase your contribution in your workplace savings plan to the maximum allowed. Then, contribute to an IRA or another tax-advantaged retirement savings vehicle.
• Identify and address your short-term goals, such as buying a home or raising children and balance with long term retirement goals.
• Start investing now to ensure maximum growth over time.

Fidelity Solutions

• Understand how much you need to retire
• Open an IRA
• Roth IRA or Traditional IRA?
• Learn more about the fundamentals of investing.
• Commit to regular investing made easy with Fidelity's Automatic Investing Plan.
• ConsiderFidelity's Lifecycle and/or Lifestyle funds for diversification.

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Update Your Insurance Plans

There are a number of types of insurance to consider at this time, including life, disability, and health insurance. Even if you both have coverage, now is a good time to review what you will need to cover your joint responsibilities.

Steps to Consider

• Review beneficiary designations for insurance policies.
• Review your health coverage insurance options and be sure your selections will cover relevant medical expenses (such as pre-natal care cost).
• Make sure you have adequate life and disability insurance.
• Be sure your insurance coverage is updated to include all family members.

Fidelity Solutions

• Estimate how much life insurance coverage you may need with our Insurance Needs Calculator.
• Visit Fidelity's Insurance Center to investigate term life insurance.
• Use the Fidelity Quote Tool to get an estimate premium for term life insurance through Fidelity.

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Consider Your Tax Filing Options

You and your spouse may want to take advantage of potential tax savings.

Steps to Consider

• Update your W-2 tax exemptions.
• If applicable, take advantage of tax savings available to parents.

Fidelity Solutions

• Visit the Tax Center for tools and resources to help you access, prepare, and file your taxes.

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Create a Will

If you haven't already thought about estate planning, will your spouse be provided for if something should happen to you?

Steps to Consider

• Establish or update your will to include your spouse.
• Review beneficiary designations on your retirement accounts.

Fidelity Solutions

• Visit the Estate Planning Action Center^SM for tools and resources to help you with your will.

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Start a College Savings Plan

If you are planning to start a family soon, you can start saving for your child's education now. College costs are soaring — but with a well-thought-out plan that's in place early, your investments may have the time they need to keep up

Steps to Consider

• Balance saving for college with long term goals for retirement - save for college while contributing at least enough to your workplace plan to get to the match.
• Calculate how much you need to save with the College Planner.
• Compare your options and choose a college savings vehicle that lets you save on a tax-deferred basis.
• For many, 529 plans make sense as they are flexible, tax advantaged accounts that can help you save for college.
• Consider your home state's plan first, as it may offer alternate state tax advantages or other benefits, though you can invest in most states' plan. Compare 529 plans
• Commit to monthly savings. Even $50 a month can add up over time.

Fidelity Solutions

• Visit College Planning to learn more about college saving options and strategies, whether you are a parent, grandparent, relative, or friend of a child.
• Open a 529 account to help meet your college savings goal.
• Keep it simple with automatic investing and age-based portfolios of funds
• Save more with Fidelity Investments 529 College Rewards^® American Express^® Card

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