Many people refer to their retirement savings as a “retirement nest egg,” but in theory, it should be made up of many sources of retirement income-many eggs. Even if Social Security and a company retirement plan were their only retirement savings sources, likely they haven’t thought about their withdrawal strategy. It’s not as simple as just drawing down retirement income from one or two sources without a plan. Have the following been considered?
The thought the division of joint debt discussed when saying “I do,” to any relationship. For couples that combine both assets and liabilities, a split signals the dilemma of dividing both. About half of all marriages in the U.S. end, according to the American Psychological Association, making debt a significant hindrance to financial security for some divorcees.
In a perfect world, the spouse that acquired the debt would pay if off; however, that is not always the case. Creditors will hold both spouses listed on the note or agreement. This is regardless of the way the court determines the debt is to divide.
Couples usually don’t retire at the same time when they have an ‘age gap’ between them. An age gap relationship is one where there is eleven or more year’s age difference between them. Age-gap relationships are becoming more common as people are choosing to marry later in life with someone significantly younger. This type of relationship requires some additional financial planning.