If you have a life partner, you probably share some important financial objectives, such as a comfortable retirement. How can you work together to reach these goals?
First, decide how you will manage money. Will you have joint checking and savings accounts, or maintain separate ones? Whatever you decide, you need to be assured that all the bills get paid and that neither one of you feels overly burdened.
Also, be open about your finances. It’s generally a bad idea to keep financial secrets from each other. If either of you has brought debts to the relationship, you both need to know about them.
Otherwise, they could present problems, perhaps by hurting your credit rating.
You’ll also need to make some choices about your investments.
If one of you tends to be an aggressive investor, while the other is more conservative, you’ll want to reach some common ground. Compromise is usually possible once you’ve determined how much you need to reach your retirement goals.
Ultimately, communication is the key. By talking about your goals and concerns, you and your partner can keep moving toward your mutual goals.
This content was provided by Edward Jones for use by Daniel Pellerin, your Edward Jones financial advisor at 189 East Main Street Suite G, in Newport, (802) 334-6261.