Retirement & Financial Planning Report

Many couples think that they are doing well if they live within their means. In reality, it’s vital that a couple keep daily expenses within 65 percent of their take home-pay. The other 35 percent needs to be reserved for retirement and taxable savings, large unexpected purchases, and gifts.


* 10 percent of a couple’s take-home pay should be saved toward funding retirement accounts.

* An additional 5 percent should be saved for funding taxable savings.

* 10 percent can be put away for charitable gifts.

* 10 percent should be set aside for large purchases (those that cost more than one month’s take-home pay). Without budgeting for large expenses, a couple’s finances will be quickly swamped when the house needs a new roof or the car needs massive repairs. By putting aside 10 percent of your take-home pay each month, you can fund one large purchase every 10 months.