By Missy Devlin, CFP®
Imagine a couple nearing retirement age. Sarah thinks they’ll be ready to retire in two years, but Mark thinks they should save for longer. There haven’t been direct open conversations about what they both want for the future, and so there is a disconnect in expectations leading to discomfort and a sense of unease. This situation is more common than you think, and it’s a great example of why joint planning is so important.
Talking about money and future plans can be stressful, but it’s typically far better for your family’s financial health than the alternative. Let’s take a closer look at joint planning and how it could benefit you.
The Problem: Two Hidden Pitfalls
Situations like the one outlined above can create significant pitfalls, including:
1. Vulnerability With No Backup Plan
Without joint planning, one spouse may carry all the financial responsibility. That can also mean they’re stuck with all the financial anxiety and uncertainty. The other spouse would be left unprepared if something happened.
2. Hidden Assumptions That Create Conflict
If you haven’t intentionally engaged in joint planning, you and your spouse may be harboring conflicting assumptions without realizing it. These are some examples I commonly see:
- One spouse wants to splurge on experiences, but the other prioritizes security.
- One wants to limit the cost of kids’ education, and the other wants to write a blank check.
- One thinks renovation is essential, but the other thinks it’s wasteful.
One of the most common (and potentially harmful) assumptions is that both spouses are on the same page about retirement. If you’ve never had that conversation with your spouse, there’s no way to know.
What Joint Planning Actually Does
Before they begin the process, many couples I work with aren’t sure what joint planning actually looks like in practice. Here are three key things it can accomplish:
Force the Conversations You’ve Been Avoiding
It’s easy to avoid uncomfortable conversations about money. Joint planning forces you to have conversations about what retirement looks like for both of you.
Reveal the Real Picture
Over the course of the planning process, both spouses can get a complete picture of their shared resources. They can learn what it means to fund shared priorities. Oftentimes, getting everything out in the open helps relieve secret anxiety.
Create Alignment
If you haven’t built a joint plan, you and your spouse might be working toward individual visions. Joint planning is intended to align your priorities and establish a financial vision you can both work toward.
The Process: What We Actually Do
Many couples don’t intentionally sit down and discuss their joint planning goals. That’s where we come in. When you receive joint planning from Thrive Wealth Management, we’ll take the following steps:
- Discuss your values, goals, priorities, and timing.
- Talk about your past investment experience.
- Map your resources to your shared vision.
- Plan funding together.
- Schedule regular check-ins to stay aligned.
Especially early on, these conversations can feel difficult. That’s why so many people avoid them in the first place! But if you’re willing to work through the discomfort, you may find that joint planning can improve your finances and even your relationship.
The Outcome
Joint planning work can be very liberating for couples. You’re able to move through life’s challenges and opportunities with alignment on how you plan to leverage your financial resources. On financial topics where there is disagreement you can work towards a decision that is balanced and meets both of your needs. Most importantly you don’t have one spouse burdened by the sole responsibility of managing the finances on their own and another spouse who feels in the dark about your financial situation.
Ready to Get Started With Joint Planning?
Joint planning can grant you the freedom to stop guessing what your partner really wants. And at Thrive Wealth Management, LLC, we have years of experience guiding couples and families toward financial visions they can believe in.
If you have questions about how we can help you, contact us today. To schedule a meeting, call (215) 376-5530 or email Missy@thrivewealth.com.
Frequently Asked Questions
Why is joint planning important for couples?
Joint planning is a collaborative approach where both partners can actively participate in financial decisions, goals, and long-term strategies. It’s important because it can help reduce misunderstandings, prepares both spouses, and creates a shared vision for the future, rather than two separate financial paths.
What happens if one spouse handles all the finances?
When one person manages everything, it can create stress for them and leave the other partner uninformed and vulnerable. If something unexpected happens, the uninvolved spouse may struggle to step in. Joint planning is intended to help distribute knowledge, responsibility, and confidence more evenly.
How do we start the joint planning process as a couple?
We recommend starting by setting aside time to openly discuss your goals, priorities, and concerns around money. From there, review your full financial picture together and identify any gaps or misalignments. Many couples also benefit from working with a financial advisor who can guide the conversation and help turn ideas into a structured plan.
About Missy
Missy Devlin, CFP®, is a Financial Planner at Thrive Wealth Management, LLC, a boutique financial planning firm in Audubon, Pennsylvania. She has dedicated her career to helping individuals and families make confident, strategic financial decisions. Missy is dedicated to always putting her clients’ interests first and genuinely cares about their outcomes. “We’re human and it’s all too easy to make emotional decisions about your hard-earned money,” Missy says; she finds it most rewarding when clients stay disciplined during challenging markets and ultimately see their plans succeed.
After earning her degree from the Robert H. Smith School of Business at the University of Maryland, Missy’s career started at SEI Investments, where she served as Director of NextGen Services. Her insights have been featured in publications such as NASDAQ, FA Magazine, Fox Business, Iris, and Michael Kitces’ Nerd’s Eye View. What drives Missy every day is her family (her husband and three children) and her passion for helping clients live fulfilling lives. Outside of work, she enjoys traveling, staying active, and supporting Ryan’s Case for Smiles, a nonprofit she has championed for more than a decade, where she now serves as an Emeritus Board Member. To learn more about Missy, connect with her on LinkedIn.
Disclosure:
This material is provided for informational and educational purposes only, should not be viewed as an exhaustive discussion of the topics presented, and should not be construed as individualized advice for any reader’s personal circumstances. For guidance on how these matters may impact your financial plan or investment portfolio, please contact your Thrive Wealth Management, LLC representative. While the information presented is believed to be factual and up to date, Thrive Wealth Management, LLC does not guarantee its accuracy and, due to various factors, including but not limited to changing laws and regulations, this information is subject to change. All expressions of opinion reflect the judgment of the authors as of the date of publication. Thrive Wealth Management, LLC is not a law firm or an accounting firm, and no content contained herein should be construed as legal or accounting advice. Please consult with the qualified professional(s) of your choosing for legal and accounting advice.
Please visit https://thrivewealth.com/disclosure for additional information regarding the professional designations and credentials discussed. Professional designations and credentials do not guarantee success or any particular investment or financial outcome.
Past performance does not guarantee future results. All investing comes with risk, including risk of loss.
