FOX Business’ Ashley Webster talks to diners at The Village in Florida about retirement after a Northwestern Mutual study claimed it would cost $1.46 million to retire gracefully.
The overwhelming majority of U.S. investors in committed relationships say they trust their partners and share the same retirement goals, but most do not have a succession plan in place. new data suggests.
According to the “Couples, Money, and Retirement” report released Wednesday by Ameriprise Financial, 95% of couples agree to be honest and transparent with each other about their finances, and 91% share the same financial values. They answered that they share the same.
A new study by Ameriprise finds that most American investors in committed relationships have some important details to discuss with their partner about retirement. (Annette Riedl/Photo Alliance via Getty Images/Getty Images)
But many people disagree on many emotional decisions about money.
The survey surveyed more than 1,500 American couples with investable assets of $100,000 or more, primarily those aged 45 to 70 who have retired within the past 10 years or plan to retire within the next 10 years. Focused on couples.
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It found that while 93% of couples share similar retirement goals and agree on when they will retire, 24% of respondents have no idea how much money they need to save or He said there was no agreement on how much money should be spent on children and families. Their grandchildren, and today as part of their estate.
Most couples don’t have an estate plan in place, according to new research from Ameriprise. (image/image)
In fact, more than half (52%) of couples surveyed said they had not yet made an estate plan.
Marcy Koechler, senior vice president of financial advice strategy at Ameriprise Financial and a certified financial planner, offers the following advice for couples needing to create an estate plan.
1. Don’t be intimidated by the concept of estate planning
“Estate planning is for everyone, regardless of their wealth or the complexity of their financial situation,” Koechler told FOX Business. “At some point, we will all need estate planning.”
She says that the core of estate planning is what you want to happen after you die or if you become incapacitated and are no longer able to make your own health-related or financial decisions, even temporarily. He explained that it is a matter of deciding.
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2. Ask an expert
“A qualified financial advisor and estate planning attorney can help you initiate important but often emotional conversations and ensure that you document your decisions to address the various potential scenarios that may arise. “We’ll give you that,” Keckler said.
“With expert guidance, you can ensure that your wishes for the legacy you want to leave for your heirs and other loved ones are realized.”
Financial advisors can provide expert-led guidance to individuals and couples with complex finances. (image/image)
Keckler recommends choosing a professional to work with you, saying one of the biggest mistakes couples make is writing a will that names beneficiaries and actually identifying the correct beneficiaries. Forgetting to update your account.
She added that financial advisors and attorneys can work together to help ensure you take all the necessary steps to implement your plan in accordance with your wishes.
3. Be proud of yourself when you complete your estate plan
”“Estate planning is an important part of protecting your family and your financial legacy,” said Keckler. “This is a major accomplishment and should be celebrated when completed.”
She recommends knowing where the original documents and physical or digital copies are located so you can refer to them if you need them.
“If you have a favorite doctor or hospital, send them a copy so they can keep it on file,” Keckler suggested. “This can save valuable time and reduce the stress of searching for you or a loved one in an emergency.
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4. Revisit your estate plan at least every five years, and more often if major life events occur.
“Estate plans should be updated as your life changes to ensure they reflect your wishes,” Keckler added. “Moments in life such as the birth of a child or grandchild, a major change in income, divorce, acquiring new property, or a child reaching the age of 18 are some examples where estate planning may need to be revisited.”
