Important Questions to ask about your finances

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By Lorna Martinez Magill

If you’ve been in a long-term relationship, you may have fallen into certain patterns of financial management, with one person typically handling the bulk of the financial obligations. If you are anything like me and my spouse, one of you is the “money” person and the other takes a bit of a back seat. As you approach or enter your golden years, it’s important to have open and honest conversations about your finances.

Here are some key questions to begin to ask and discuss so that you are both on the same page because as we age it’s important for both individuals to have an understanding of your situation because, you just never know what will happen. It’s not the most exciting activity but, even for the “money” person it’s a necessary conversation.

  1. What is our current financial situation? It’s important to have a clear understanding of your overall financial picture, including savings, investments, and debts.

  2. How are bills and expenses tracked? Ensure both parties understand the system in place for paying bills on time and keeping track of your expenses.

  3. Have automatic payments for recurring bills been set up? Automatic payments can be a convenient way to ensure bills are paid on time, but it’s important to regularly review these to ensure accuracy.

  4. Do we have a budget? Having a budget can help identify areas where you can cut back on expenses and ensure that bills are paid on time.

  5. Where are we in our retirement planning? As we get closer to retirement age, it’s important to have honest conversations about your plans so you can help ensure a secure future.

  6. Do we have adequate insurance coverage? Reviewing your insurance coverage, including health, life, and property insurance, can help ensure that you and your assets are protected.

  7. Have you set up a will or trust? Having a will or trust in place can ensure that your assets are distributed according to your wishes and can help avoid probate.

By asking these important questions, you can have peace of mind that your finances are in good order and that you and your significant other are on the same page about your financial future.

Action Step:  Set up a financial review meeting with your significant other.


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