Financial Plans to Benefit Both Spouses
As a couple, one or both of you have been working for years to set yourselves up for a successful retirement. That’s fabulous!
However, I’d like to broach a touchy topic: Financial Plans to benefit both spouses.
Healthy Financial Plans are more than knowing your numbers. Both husband and wife should know a whole lot more. Don’t allow yourself to stay in the dark about your finances. Set yourself up for financial peace of mind.
Know who your key contacts are. Be aware of the estate process and the anticipated timeframe. Keep in mind, tax changes will occur when a person becomes a widow/widower.
Here is a scary question to ask yourself: Will I have to reduce my lifestyle when my spouse passes away?
Couples, now is the time to address all questions below:
Have both parties been brought into conversations with a financial advisor?
What is your financial advisor's first and last name?
What is the advisor’s phone number and email?
Who is your estate attorney, and do you have their contact information?
Which insurance company do you use?
Do you have the ability to log in to your spouse’s computer?
How and when are the bills paid?
Can you quickly locate and access all necessary documents?
Is there a current list of financial institutions and banks where all accounts are held?
Which professionals do I contact first?
Are there any time requirements I need to know about?
How much cash is immediately available to meet my needs for a certain period?
What tax scenarios can be planned and prepared for in advance?
If you answered ‘yes’ to all the questions, that is great, but there is still more that needs to be addressed for your success.
If you answered ‘no’ to some of these questions, get cracking on this matter without delay. Do not be the person who waits until it is too late. That person may have a very difficult time finding success in navigating this immense life change.
Does this give you anxiety? It should! Set yourselves up so you don’t have to face a reduction in lifestyle as a widow/widower. If you already have a financial advisor, start asking more questions.
If you don’t currently have an advisor or have never sought financial advice, but you want to learn more, contact me. My name is Marianne Nolte, CFP®. I’m a Certified Financial Planner® professional who works with women and couples.
My ideal clients are within 2 years of retirement, or have recently retired, and have accumulated more than $300,000 in investable assets. To learn more, visit imaginefinancialservices.com
Take control of your financial life. Set an appointment and begin working toward your financial independence.
