Without marriage, you have a weak link instead of a strong link, no matter how you feel.
Even after we got married, we split common household expenses based on the percentage of total income. When one of us was collecting unemployment, which happened to both of us, it was about 90:10.
For example, house, utilities and food were house expenses. Car, clothes and work lunches out were personal and came out of the spender’s paycheck.
That way, we could take each other out on dates, even after we were married.
Just based on our experience, our goals were:
- No debt, including a paid for house, at retirement
2. Live as closely as possible on one Social Security and retirement income.
3. Spend down one savings in 25 years (my spreadsheet tells me each year how much to spend, after deducting an escrow for health and other emergencies)
4. Put all of the other Social Security and retirement income into savings
5. Spend down the second savings at the same rate when the first one is gone
6. If one dies, the other inherits the savings accounts
The total about levelled out when the second person retired. Our savings should last about 40 years, unless we get hit with hyperinflation.
I suspect that we would have continued splitting everything the same way, including savings withdrawals, if we had remained single and living together.