Created: February 1, 2019
Modified: June 15, 2023
Spousal Disagreements
What You’ll Learn:
Marriage is hard work, and it’s important to be a unified couple. However, you probably don’t agree on everything. Joel identifies the top financial spousal disagreements he sees among clients.
[00:44] – Joel Defines The Term “Fiduciary.”
- It’s a term you might have heard a lot about in the news over the last couple of years. A fiduciary is one who is obligated by a code of ethics to act in the best interest of his or her clients. The contrast of that is someone who operates under a suitability standard. This means they simply can’t hurt their client. It’s important to work with a fiduciary advisor.
[2:57] – A Looming Student Loan Debt Crisis?
- Jamie Dimon is the chairman and CEO of JP Morgan Chase. He recently predicted the next major recession in this country will be related to student loan debt. Joel shares his advice on how to pay for your children’s education in a way that doesn’t contribute to this crisis.
[7:33] – Identifying Spousal Disagreements On Risk.
- They say opposites attract, and we often see that’s the case when it comes to risk tolerance. One spouse seems to be the risk taker while the other is more risk averse. Our job is to unify each spouse together in a singular investing strategy.
[9:48] – Legacy Planning Disputes.
- Spousal disagreements on legacy planning are also common. Basically, one spouse wants to spend their last dollar on their way out of this world while the other might want to leave a legacy for the kids. In less extreme instances, one spouse wants to first be certain they’ll be cared for in retirement before worrying with a legacy. We would suggest there are ways to do both. It’s possible to maximize income while leaving wealth to future generations.
[11:22] – To Downsize Or Stay Put?
- Especially if you’ve lived in the same house for several years, this can be an emotional decision. Joel shares his own parents’ decision to downsize.
[12:58] – Spousal Disagreements On Retirement Goals.
- Luckily, these aren’t ultimate decisions, but it’s still important to be on the same page with your spouse when it comes to setting goals for your retirement. If your spouse wants to stay put and watch cable news at night while you want to travel the countryside, you need to come together and make a compromise.
[15:06] – A Quick Aside On Hot Dogs And UPS.
- Joel shares a story on the hardest job he ever had.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
The Road to Retirement – Don’t Go it Alone
Achieving the retirement you’ve always dreamed of often requires careful planning. While the do-it-yourself approach may be difficult to shake, consider the benefits of seeking professional advice… -
What Updates Can We Expect for Social Security in 2025?
A new year means new rules for retirement plans. Let’s start with one of the largest sources of income for millions of retirees: Social Security. What changes can we expect in 2025? Heath Gross… -
Getting It All Together for Retirement
After a long, fulfilling career, the time has come to embrace the next chapter. You may have envisioned the age at which you’d retire since you began working, but it’s important to distinguish bet… -
Key Questions for Planning Your Retirement Income
Replacing your income in retirement is a significant undertaking that raises many important questions and requires careful planning. First and foremost, it’s essential to have a retirement income … -
Health Care Expenses in Retirement
Of all the expenses to expect in retirement, health care often makes up a significant portion of your costs. Monthly premiums, out-of-pocket expenses, and services not covered by Medicare can quic… -
Income Planning 101
You’ve spent the last few decades saving for retirement but are you truly prepared? To help address any concerns or uncertainties you may have, you need an income plan – one that considers every f… -
Frequently Asked Social Security Questions
Almost every American is impacted by Social Security in some way, so it’s no wonder that it’s one of the most frequently asked topics in retirement planning. When and how you start taking benefits… -
Maximizing Your Social Security Income
Social Security can serve as a safety net for many retirees, sometimes acting as a primary source of income. However, the program is highly complex with over 500 ways to claim benefits. Even one o… -
How Much Money Can I Spend in Retirement?
“How much can my spouse and I realistically spend in retirement at age 62 with $1 million saved?” Today’s hypothetical couple is asking the very question that most pre-retirees ponder when gearing… -
What Steps Should I Take If My Retirement Savings Fall Short?
One of the biggest fears today’s pre-retirees and retirees face is running out of money in retirement – but what happens when that once-distant fear becomes your reality? Today’s question addre…
