Scott Van Voorhis
Jan 15, 2019 8:30 AM EST
While it's common for one partner to handle most money decisions in a marriage, it's important for planners to make sure to listen to both.
It's not uncommon for couples to split up their household duties, with the more money-savvy partner handling the finances. But financial planners say cases where one spouse completely dominates discussions about money and investments while the other partner checks out can be a cause for concern.
Such an imbalance can create serious problems down the line if the financially dominant spouse becomes ill or dies. It can also point to... Read More
When your spouse passes away, you don't have to struggle financially
November 26, 2018
In March 2013, Ginny McKinney and her husband, Dan, were shopping for a camper to pursue their dream of traveling to great golf courses around the country. Then Dan died of a heart attack. He was 62 years old and she was 59.
“It was devastating. Grief is like an onion. You have the initial shock of the loss itself, but then it keeps going deeper and deeper,” Ginny says.
And in Ginny’s case, the emotional challenges were compounded by financial setbacks.
Just four months before Dan died, Ginny had cut down to part-time hours at... Read More
November 30, 2018 by Lili A. Vasileff, CFP, MAFF, CDFA
As professionals, we must consider how to address the ripple effect of the repeal of the alimony tax deduction and other uncertainties in the new tax law. Divorce has become a tax strategy game with no clear direction.
Many couples who are racing to divorce in 2018 may be surprised to learn that even though the tax character of alimony remains unchanged in 2018 and will be grandfathered, other changes in personal and business income taxes will absolutely impact their financial outcomes. Clearly, the spectrum of changes in the “Tax Cuts and Jobs Act” (H.R. 1)... Read More
- Almost half of Americans say their spouses or significant others do not know how much they spend during the holiday season.
- In some cases, shoppers are purposely keeping their spouse in the dark.
- Holiday overspending can trigger relationship and financial problems.
Laura Galligan | @GalliganLaura
Published November 29, 2018 CNBC.com
For many consumers, the real magic of the holiday season is the sleight of hand it takes to hide overspending from their spouse.
Almost half of Americans say their spouses or significant others do not know how much they spend during the holiday season, according to a new survey of 1,000 U.S. adults from SwagBucks.com .
Another survey,... Read More
Published: Oct 20, 2018 10:59 a.m. ET
When ‘until death do us part’ sounds like agony
(Courtesy Everett Collection)
By ANGELA MOORE, SENIOR EDITOR
Looking ahead to the next phase of life can seem pretty dreadful if you can’t stand the person who you’ll be spending it with.
That may be what some boomers are facing. Among U.S. adults ages 50 and older, the divorce rate has roughly doubled since the 1990s, according to a Pew Research Center report. Statistically speaking we’re healthier and probably going to be living a lot longer — possibly 30 years... Read More
Carmen Reinicke | @csreinicke
Published 11:43 AM ET Fri, 10 Aug 2018 Updated 12:03 PM ET Fri, 10 Aug 2018 CNBC.com
- Some states require parents to address how they will pay for college in divorce decrees.
- Regardless of your home state's rules, experts say that divorcing parents should work out an agreement about college for their children.
- Divorce and remarrying can have an impact on financial aid eligibility, and some schools will require financial information from both parents.
Carmen Reinicke | @csreinicke
Published 8:57 AM ET Thu, 19 July 2018
One third of parents say that they will help their child pay back some or all of their student loans, according to a recent survey by College Ave Student Loans.
Student loan debt has skyrocketed to $1.5 trillion in the U.S.
Parents should make sure that they're balancing their long-term financial goals with helping their children finance higher education, advisors say.
Parents today are often hit with a financial triple whammy. They need to balance helping their children pay for college, saving for their own retirement and often taking care of aging parents.
At a certain point, the topic has to be dealt with.
The only way to do it successfully is to arm yourself with as much knowledge as possible.
By Jeremy Brown July 19 2018, 7:33 PM
Second only to child custody, alimony is one of the most contentious and difficult-to-navigate processes in any divorce. When two people are splitting up, particularly when that split is acrimonious, the last thing either of them wants to discuss is the prospect of giving money to each other. But, the topic has to be dealt with and the only way to do it... Read More
The full report, available at www.nefe.org/early-warning-signs, documents new research funded by the National Endowment for Financial Education® (NEFE®) to identify very early financial skill declines in cognitively normal older adults funded by the National Institute of Aging of the National Institute of Health.
INESCAPABLE TRUTH: FINANCIAL ABILITY DECLINES WITH AGE
IT IS INEVITABLE that people will see a decline in their financial skills and decision-making ability as they age. No one is exempt: Everyone experiences normal cognitive aging in their later years, which in turn affects various financial skills. The degree of cognitive decline and its effect on specific financial skills varies by individual.
Most of us do not give it another thought and simply assume we can contribute to an IRA if we meet IRS income criteria. But what if your only source of income is alimony? Guess what – the new tax law changes may just eliminate your only means to save in a retirement account.