I am attempting to calculate how much I need for retirement based on my current living expenses and how much I should contribute now to reach this number. My question is, do married couples typically calculate this number as one and split the amount for contribution purposes? This would make sense based on the idea that we split expenses now. and plan to be together “until death do us part.” However, as a product of divorced parents and in the name of financial security, should married couples calculate this number separately and contribute accordingly? I am curious as to how the community approaches this. Thanks!
It depends on personal beliefs. I’ve seen married couples who do both, individual FI numbers (for a number of reasons including healthcare) and couples who calculate it together.
As a person of divorce and everything I’ve been through, I recommend, even if you calculate your FI number together, contributions are split (somewhat evenly, but again personal preference) so that any split would leave both individuals in a good future position.