For a lot of people, a one-size-fits-all retirement plan just doesn’t fit. Their family circumstances call for a more custom-made approach. That’s the case with couples who have one income. Christine Benz and Valentina Djeljosevic recently discussed the retirement planning needs of these couples, including emergency funding and Social Security filing decisions.

Valentina Djeljosevic: For couples who get to make this choice, to forgo having two earners, I’m sure they’re wondering, “Can we make it on one income?” But what might they be missing?

Christine Benz: They’re usually focused mainly on the household budget in the here and now, but I would recommend peering a bit into the future if you possibly can, and think about a couple of things. Take a look at how you are doing with respect to retirement funding, and how you will be able to contribute to your retirement fund on that single income. Also think about if the spouse who is going to step out of the workforce, if he or she wants to get back in later, that can sometimes be a challenge. Maybe they keep working part-time or on a contract basis to keep their skills fresh.

Djeljosevic: How can these families make sure they don’t fall behind when it comes to retirement planning? Benz: Make sure that you are continuing to fund the retirement plans at a very minimum, that you’re at least meeting any matching contributions in the 401(k) plan that are coming in through the employer. If you can make additional contributions and/or continue to fund IRAs, that’s even better.

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