13 Sep How can I find out about my husband’s 401(k)?

Q. How can I find out about my husband’s 401(k)? He won’t tell me anything or show me papers. I am 62 and totally dependent on him. He is 60 years old and tells me not to worry about our financial future. Nothing shows on our tax return. Please help.
— Nervous wife

A. Knowledge is power.

A lack of knowledge and understanding, particularly about finances, can breed the anxiety you appear to be feeling.

If you don’t see 401(k) contributions on your joint tax return, it appears that your husband didn’t make contributions for that year, said Jody D’Agostini, a certified financial planner with AXA Advisors/The Falcon Financial Group in Morristown.

The rest of the tax return won’t be very helpful, either.

“You cannot garner any information from this tax return on your financial picture other than your household income and your tax situation,” she said.

You did not mention whether you work with a financial advisor, and we’re guessing you’re not.

“Perhaps you can engage one and both go visit to explore your financial situation,” she said. “It is important to not wait too long, as you are both nearing retirement age, and it would be worthwhile to see when you are able to retire.”

Some things to consider:

These last few years of working can be very important as it allows you to continue to contribute to your retirement and other savings accounts, allows your assets to continue to grow, keeps you on the employer medical plan, and hopefully allows you to pay off or reduce any debts, D’Agostini said.

“You can start by setting up Social Security accounts for both of you to see what your eventual Social Security payments will be at your full retirement ages,” she said. “The decision of when to claim would be another important decision to discuss with a financial advisor.”

While none of us know when we will eventually die, discussing what would happen to you if you knew nothing about the family finances could be a good conversation starter with your husband, D’Agostini said.

“It would also be a good time to revisit or initiate estate planning documents such as your will, medical and legal powers of attorney and possibly a living will,” she said. “When you meet with the estate attorney, your financial information needs to be provided.”

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This story was originally published Sept. 13, 2019.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.