When it comes to planning for retirement, most couples can agree to save as much as possible. But when each spouse focuses on their own 401(k), without thinking much about how the two plans work together, they could miss out on valuable employer matching money. Here’s why coordinating 401(k) plans matters.

The Hidden Cost of Saving Separately

When each spouse has a workplace 401(k), the two plans likely aren’t identical. For instance, one employer might match 100% of your first 4% of contributions. Another employer might match 50% of the first 6%. Those differences might sound small, but they add up fast.

Research suggests that couples who don’t pay attention to the difference in company matches could miss out on roughly $14,000 in retirement savings over their lifetime.

Free Money You Don’t Want to Leave on the Table

Employer matching contributions are one of the best benefits a job can offer. When you contribute to your retirement account, your employer adds money to that account. That’s as close to free money as it gets.

But to take full advantage, you need to know the rules of each plan. And then you need to decide together where contributions should go first.

Say your employer matches 100% on the first 3% of your salary. Your spouse’s employer matches 50% on the first 4%. The smart move is to make sure the spouse with the 100% match contributes enough to capture the full benefit. After that, shift focus to the other plan.

This kind of adjustment just requires being intentional about where the money goes.

The Real Problem Usually Comes Down to Communication

How many couples sit down together and ask, “Which of our 401(k)s gives us the better deal?” Each person typically handles their own benefit enrollment, their own contribution rate, and their own plan. Often, the two 401(k)s are never really compared.

Over time, one spouse might be leaving employer-matched money unclaimed while the other might be over-contributing to a plan with a weaker match. The key is to look at the full picture together.

Make It a Habit

The communication fix? Set aside time a couple of times a year to review finances and retirement accounts together. Call it a money date or a finance check-in, whatever makes it feel approachable and not like a chore. It doesn’t need to be complicated or stressful.

Here are the basics to cover:

• What are each of our current contribution rates?
• Are we both getting the full employer match?
• Has anything changed? A new job, a salary increase, updated benefits?
• Do our contributions still match our goals?

If there’s one thing to depend on in life, it’s change. A new job might come with a better 401(k) match. A raise might make it easier to increase contributions. These life changes are worth catching early so you can adjust your strategy while it makes the biggest difference.

Retirement planning is about making sure every dollar is working effectively toward your goals. And the employer match is one of the easiest ways to get more out of what you’re already contributing.