Money is one of the top stressors in a marriage, so how do you handle it together successfully? Or, what happens to your retirement savings when you get a divorce? David answers these questions from the mailbag.
(Click the featured times below to jump forward in the episode)
Money is one of those things that always comes up in a marriage. How to save it, how to spend it, and how to keep from arguing about it are all questions financial advisors hear regularly. Advisors look at more than just the numbers, but the goals and motivation behind the money, too.
In today’s episode of Cover Your Assets KC, we take on three questions from the mailbag covering everything from marriage to divorce.
Betty in Lawrence is getting a divorce and wants to know which is better: to get half of a 401(k) or a pension? David has a few questions of his own first. Then, Jennifer in Shawnee is wondering as interest rates go up if she should change her savings strategy.
Finally, Kathy in Leawood says she argues with her husband almost daily about money. They haven’t done a good job planning for retirement and want to know if they need serious help. David shares about a couple he worked with in the past with a similar issue. He was able to help raise their confidence and reduce their stress when it comes to financial planning.
Are you struggling through the “money talk” with your spouse?
Listen to the full episode to hear more or click on the timestamp below to hear David’s answer to a specific question.
0:21 – Mailbag: After 30 years of marriage, is it better to get half of a 401(k) or pension in the divorce?
2:22 – Mailbag: If interest rates go back up, should I change the way I am saving?
3:20 – Historically, rising interest rates will eventually have a negative impact on the stock market.
3:59 – Mailbag: Is it normal to argue about money in your marriage?
4:40 – Make a plan that satisfies both the spender and the saver in a marriage.