Couples can boost retirement savings with one simple conversation

Many couples may be missing out on thousands of dollars in additional retirement savings simply because they are not discussing how they contribute to their workplace retirement plans, according to a new analysis highlighted by a Boston College economist. Geoffrey Sanzenbacher, an economics professor at Boston College and research fellow at the Center for Retirement Research at Boston College, argues that communication is one of the simplest ways households can strengthen their retirement finances. Sanzenbacher’s latest column examines a recent brief, where researchers explored whether married couples are making the most of employer matching contributions by coordinating how they split retirement savings between their workplace plans. The professor mentioned that contribution-based plans, particularly 401(k)s, have become the primary retirement savings vehicle for U.S. workers. More than 80% of employers that offer 401(k) plans also provide matching contributions tied to employee savings. Previous research has shown many workers fail to maximize employer matches, effectively leaving free retirement money behind. The new analysis asks whether couples make similar mistakes. Small adj...