Are you marrying soon? Have you recently married? As you begin life together, It’s important to begin planning a financial future together and aligning your finances as a couple. Consider these priorities that may be worth adding your financial to-do list:
• Plan for retirement. There is a possibility that decades from now, many of us who are currently saving and investing for the future might end up millionaires. Actually, we may need to become millionaires.
Why? According to current Social Security Administration projections, today’s 65-year-old retiree is looking at a retirement of approximately 20 years. The average 65-year-old man is projected to live until age 84, and the average 65-year-old woman, to age 87. Some of these people will live past 100 – many more years than in previous generations.(1)
Given ongoing advances in health care, what could be your longevity? Living to be 90 or 100 might be commonplace for members of Gen X and Gen Y. Factor inflation’s effect into the cost of goods and services, and you may see a future scenario where an enjoyable retirement necessitates $100,000 yearly. This possibility means you’ll want to make ...