Other Retirement Facts:

Statistically, men have tended to be more involved in retirement and financial planning. This has been changing over time, but for those who aren’t as involved in this part of the process, how can we encourage them to do so?

There are a number of different scenarios among clients, but ultimately, you want both spouses to be involved in their financial plan. In the worst-case scenario, when one person passes away, you don’t want to be lost when it comes to your own finances.

Have you and your financial advisor stress-tested the plan? Do you know the passwords to the accounts? Or even know where all of your and your spouse’s accounts are? You need to have some basic understanding of these components. A financial advisor can play a big role in providing continuity of the situation.

When you meet with an advisor, how involved are you in the process? What is most important that you understand about your plan, even if you are less involved than your spouse? An advisor can provide a certain level of third-party support, but you still want to have a conversation and financial understanding between you and your spouse.

Are you and your spouse both on the same page when it comes to your financial plan?

Listen to the entire episode or click on the timestamps below to learn more.

0:21 – How do we encourage women to be more involved in financial decisions?

2:51 – How would you handle the worst-case scenario?

5:22 – If you don’t know how to access your accounts, what would you do?

8:38 – Do you have the general idea of what’s happening with your financial plan?

10:29 – When should you DIY and when can you benefit from the support of a third party?

Thanks for listening! We’ll be back with another episode next week.

A Quotable Moment:

“There’s a few things at the end of the year that you might be able to do that can happen after the fact, but the vast majority of items that get reported on a tax return get closed out with the calendar year.”

-Phil Putney