‘We keep our finances separate’: My boyfriend is in his 50s with no retirement savings — how worried should I be?

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We are both in our early 50s, and we both have adult children. We are both debt-free. He’s a contractor/carpenter and has money in a high-interest savings account from occasional cash-paying jobs, but he’s never put together any retirement strategy, so he has no investments. I’ve been putting the maximum into my employer retirement plans and a Roth for almost 20 years.‘I have more money than I know what to do with’: I’m a single millionaire with no heirs and don’t like spending. What’s wrong with me?‘I hope to retire at 59’: I have $950,000 in my 401(k)s. When do I do a Roth conversion?‘We keep our finances separate’: My boyfriend is in his 50s with no retirement savings — how worried should I be?‘I am the trustee’: My mother set up a trust for my sibling who stole $100,000 from a bank. Can the trust be seized?He built our home over the last three years. We are both on the title and carry no mortgage. We are in the process of buying another property that he will remodel and that we plan to use as a rental. We keep our finances separate but work very well together out of a joint account for the purpose of our current home and the project house we plan to buy. Is this a good idea? What retirement investment products are available to him?Californian GirlfriendRelated: Trump says affordability is a ‘hoax,’ but consumers should expect more pain in 2026You are both debt-free and own your home outright. That’s the good news. - MarketWatch illustrationLet’s start with the good news: You are both debt-free, so while your partner has not had a job with a 401(k) or managed to set up an IRA or invest money in the stock market or other investment vehicles, he has stayed out of debt. That says a lot, particularly if he was a modest earner during those years, but it does not obscure the fact that he may have been living one day at a time and perhaps did not have the money or knowledge to save for retirement. That said, being debt-free is not a substitute for retirement planning.The other positive part of this story: You both have money to invest in property, or at least the wherewithal to take out loans collectively, so I assume his credit rating is relatively good. He’s a contractor, and your homes are valuable assets — you may wish to tap the equity in these homes if you split up or you decide to downsize, or if one of you outlives the other and needs assisted living or long-term care. Real estate is also illiquid, requires upkeep, so you need a balanced, diversified retirement plan.You say you keep your finances separate, apart from a joint bank account and, I presume, your current and future properties. There’s no shame in his game. Just because he did not put money aside for retirement does not mean he’s financially feckless. It probably means he either believed he didn’t have enough or was living paycheck to paycheck. These properties are a good start for him, and probably a good investment for you too. Separate finances with a shared account for joint assets is reasonable, but it’s also important to align your goals.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info