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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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