We received a strong response to my post “I love you…now let’s talk money,” which primarily focused on newer couples approaching the topic of shared finances for the first time. I was struck by the number of candid comments from those of you—well beyond the honeymoon phase—who’ve been navigating the sometimes murky waters of shared finances for many years. Thanks for sharing so many of your own experiences and valuable advice.
One comment in particular inspired me to draft this follow-up post:
“Attn: Karin Risi – Good idea about indoctrination of newlyweds to financial information. Now how about us old folks at the other end of the line? It would be nice if we left this world together, but that is not likely. It is usually the man who leaves first and the widow [who] may need help. How about a list of “To Do’s” before it’s too late?”
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In a recent Wall Street Journal article titled “Financial mistakes newlyweds make,”* the author and several financial advisors urge couples to have the “money talk” before walking down the aisle.
The article provides several practical tips for opening the dialogue with your significant other. One financial advisor even recommends carving out time for a monthly “money date” over breakfast. While portfolio talk over poached eggs may not be your style, there are clear benefits to laying your financial cards on the table before you take the plunge. Honest discussion about your debts, general agreement on your saving and spending habits, and alignment of your long-term investing goals with those of your partner seem like reasonably critical components of happily-ever-after.
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We recently asked college students for their thoughts about retirement—when they want to retire, when they’ll start saving, and what they hope to do once they’re retired. Here’s what they told us.
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In my January 25 post, I looked at two tactical retirement issues: improving savings rates and evaluating portfolio risk levels. In this post, I’ll wrap up with three additional ideas.
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Do you have a tax refund coming? Some would say it means you over-withheld and should have paid less last year. Others look at it as a non-interest-bearing savings account. I’d look at it as an opportunity to improve your financial picture and prepare for the next inevitable downturn—whether it happens next week, next month, or five years from now.
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