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Fee-Only Financial Planning Services in Quincy, MA

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January 10, 2020 by Michelle Morris

Ladies, are you prepared to handle your finances on your own?

All reports point to a 100% mortality rate for humans.

Talking about death is uncomfortable for many.

It’s difficult to contemplate your own death, and difficult to think about others living on for decades without you.

It is a tough topic, but here are the stats:

  • 80% of men die married.
  • 80% of women die single.
  • The average age of widowhood in the US is 59. (this is not a typo)
  • Women typically live 14 years longer than their spouse.

If you are married and not up to speed on your finances, make 2020 the year to educate yourself!

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Start by asking the following questions:

  • What do we own?
    • All bank accounts, retirement/investment accounts, real estate, business interests.
    • Where are these accounts and if they are all over the place, why?
  • What do we owe?
    • Mortgages, loans, credit cards, other debt.
  • Do we have life insurance?
    • What kind? How much? Who is the beneficiary?
  • What is my financial situation if you die before me?
    • “You’ll be fine” is not an acceptable answer.
    • Where, exactly, would my money come from to live?
      • Social Security?
      • Pension?
      • Life Insurance proceeds?
      • Investment Portfolio?

If necessary, sit down with a fiduciary financial advisor to help figure it out.

If you don’t have Estate Planning documents (wills/trusts, healthcare proxies, durable powers of attorney), make 2020 the year to set up an appointment with a qualified estate planning attorney.

If you do have Estate Planning documents, make 2020 the year to revisit them with a qualified estate planning attorney.  Congress just passed a law (the SECURE Act, more on that next month) that might require amendments to your current plan.

 

Topics: Filed Under: Retirement

Previous Post: « Good News for Savers in 2020!
Next Post: Six Things to Know about the Secure Act. »

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From the Blog

  • Capture Those Dollars!
  • Good News for Savers in 2023
  • How Will You Pay Your Taxes in Retirement?

Important Legal Information

Investment advisory products and services are offered through advisory representatives of BRIO Financial Planning, an investment advisor registered with the Commonwealth of Massachusetts.

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Contact Us

Michelle Morris, CFP® EA
BRIO Financial Planning
1073 Hancock St. #101
Quincy, MA 02169

michelle@briofp.com
617-934-0419 (phone)
617-934-1933 (fax)

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