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Investing Tips for Married Couples

https://www.daveramsey.com/blog/marriage-investing

daveramsey.com

Investing Tips for Married Couples
Investing & Retirement My team and I talked with millionaires all over the country for my latest book, Everyday Millionaires , and we found a shocking majority of millionaires had this one thing in common-they were in a strong, healthy and long-lasting marriage. It's not too surprising when you think about it.

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Investing In Each Other

Investing In Each Other

A strong, healthy, and long-lasting marriage has some key ingredients that make it work: Commitment, Hard Work, Consistency, and Intentionality.

The same ingredients are required for building wealth when one is with a life partner, planning to spend your entire life together.

Life partners have to invest in each other.

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Talk About It

Many times, partners do not see eye to eye, have different preferences or moods. Money is the No.1 issue that couples argue about, according to studies.

It is crucial to discuss financial goals and retirement plans with one's spouse, figuring out a strategy in advance, to avoid any confrontation later.

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Saving up For Retirement, Together

  • Firstly, save up for the emergency fund, which is three to six months of expenses, and set it aside. After that, least 15% of your combined gross household income should go towards your retirement, once all debt is cleared.
  • If only one of the partner works, you still can save up for retirement using a Spousal IRA, provided a joint tax return is filed. For details, you can consult an investing professional.
  • It is also a good idea to clear up the old 401(k) accounts which are hanging around from the old jobs and put one's investments in order.

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Tips For Better Financial Planning

  • Check and update the beneficiaries of your financial accounts.
  • Life Insurance is an important investment and security net for you and your family.
  • Consult an investment professional if you need help in going over all your investment, insurance and retirement plans.

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How much you should save every month

How much you should save every month

The popular 50/30/20 rule states that you should reserve 50 percent of your budget for essentials like rent and food, 30 percent for discretionary spending, and 20 percent for savings.

But ...

Why 20 percent is recommended

Assuming you're in your 20s or 30s and can earn an average investment return of five percent a year, you'll need to save about 20 percent of your income so you can reach financial independence when you're older.

Financial independence means that you can maintain your chosen lifestyle entirely from the interest of your investments and dividends.

The four percent rule

The four percent rule states that you could withdraw four percent of your principal balance every year and live on this indefinitely. That means you need to save 25 times your annual expenses to become financially independent.

The four percent rule is not perfect. There is no risk-free investment that yields that much today. Sudden inflation could also cause a problem.

Build a team

Growing older without a spouse or adult children means you'll need to build support who can help with your finances, make medical decisions and prevent you from becoming isolated as you grow ol...

Create an income safety net

Many singles don't have a strong enough backup plan to cover the costs of a major illness or other problems.

Ensure you have enough cash on hand to cover emergencies. For singles, the aim is between nine and twelve months of living expenses in a savings account. As you near retirement, consider bulking up to at least two years of living expenses.

Long-term disability policies

Group long-term disability policies offered by employers typically replace up to 60% of your income.

To ensure you have enough coverage, aim to bring your total coverage up to 80% o 90% of your take-home pay, including bonuses and commissions.