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Jada, 52, is facing the existential dread of retirement. She doesn’t even plan to clock out until she turns 65, and she’s been saving for her golden years since her mid-20s.

But her husband of 20 years hasn’t put aside anything for retirement, and he doesn’t plan to. He’s relying on his pension and Social Security retirement benefits — along with Jada’s savings — to finance their golden years.

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Jada worries he doesn’t understand how much they’ll need in retirement, and feels resentful that she’s making all the sacrifices for their future. Now, she’s left wondering what to do next, and if they’ll be alright.

What if your spouse isn’t saving for retirement?

First things first, you’ll want to have a conversation about your expectations. But that can be easier said than done with one in three Americans (32%) saying they’re uncomfortable discussing finances in their relationship, according to a Talker Research survey.

In Jada and her husband’s case, they should start by ensuring they’re on the same page with their goals. Not to mention, how much they’ll need to reach those goals. A general rule of thumb is to aim for about 60% to 80% of your pre-retirement income. If Jada and her husband are finding it difficult to talk or even crunch the numbers, they may want to enlist the help of a financial adviser.

They know the right questions to ask to help you figure out your shared retirement goals.

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Strategies for saving for retirement later in life

Once you’re aligned on your goals, it’s time to work together to make them happen. That might look like a spousal IRA (aimed at helping a non-working spouse), 401(k)s and IRAs as individual accounts.

Jada’s husband would greatly benefit from opening a 401(k) and funding it to the maximum amount — especially if his employer matches his contributions.

Jada’s husband could also contribute to a Roth IRA, which uses after-tax dollars and grows tax-free. That means, as long as he follows the withdrawal rules, those withdrawals aren’t taxed as income.

To take advantage of the benefits of diversification, Jada and her husband could also open a gold IRA with the help of Priority Gold.

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, which combines the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.

To learn more, you can get a free information guide that includes details on how to get up to $10,000 in free silver on qualifying purchases.

They’d also benefit from her husband beginning to invest as soon as he can. The power of compound returns means that the longer they give their money to grow, the more they’ll benefit.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.