What both spouses should be aware of

In many households, one spouse naturally serves as the “financial lead.”

They pay the bills, manage accounts, pick investments, and collect your tax stuff for the CPA.  That division of labor may work well for the day-to-day administration to keep everything running in the background. 

But as couples approach and enter retirement, it’s critical that both spouses are aware of what’s going on. 

From our years of serving retired couples in and around Chester County, we’ve seen couples do much better (both emotionally and financially) when they stay confident and informed about two key areas:

 1. Are We On the Right Track?

• Are we taking the right actions toward the things we care about most?

• How much can we sustainably draw from our portfolio this year, and how does that compare to what we are spending?

• Is this a good time for a larger trip, renovation, or gift to family?

• Are our investments positioned balanced appropriately? 

• Are we well prepared for the future seasons of life that await us?

  2. Do We Know Where Everything Is?

Can both spouses answer:

• What do we own and what do we owe?

• Where are our accounts held?

• Who do we need to reach out to for help?

• Are our beneficiaries current and aligned with our estate plan?

• Where are our important documents stored?

 The Power of Money Dates

Frequent and brief check-ins tend to work best. We call them Money Dates.

A Money Date does not require watching the stock market or navigating tax brackets. It simply means no one is left in the dark and both spouses understand the plan.

When couples share awareness, even if one person handles the mechanics, decisions improve and anxiety decreases.  That clarity becomes one of the most valuable outcomes of our financial advisory relationship.

Give your Money Date a try using this guide!