In today’s fast-paced, high-pressure world, married couples have their work cut out for them. If they plan to raise a family, that means additional responsibility. If not, there are still many decisions to make about finances, healthcare, insurance, where to live, how to advance along career paths, etc. Perhaps the most intelligent move any young married person can make is to plan for their retirement while still in their twenties. Even a modest regular contribution to a savings or IRA can pay huge returns over several decades.
Additionally, a couple who purchases long-term care insurance takes a practical step toward fiscal solidity and emotional stability. Other excellent choices married adults can make include working with a licensed financial planner to get their entire budget and money picture together, buying a home and paying it off before age 60, and downsizing to a smaller abode just before retiring. If you and your spouse want to make wise decisions as a couple, consider the following ideas that can pay generous dividends.
Getting Long-Term Care Insurance
Too many working adults don’t realize the huge benefits of long term care insurance, but they should explore the subject and learn more. This vital kind of financial protection is as important as traditional health insurance and can cover some or all of the expenses associated with weeks, months, or years in nursing homes. Average prices charged by long-term care facilities run to thousands of dollars each month for attentive, compassionate care. Adults who want to protect themselves from the potentially high costs of assisted-living homes and nursing care facilities should consider finding out more by reading a comprehensive guide that examines all the costs and benefits.
Planning for Retirement While Young
Buying life insurance while you’re in your twenties or thirties is one of the best strategies for retirement because it means getting the lowest rates and the best bargains. That’s because the two of you can leverage the power of compound interest by socking money away every month for decades. Even modest monthly sums grow into significantly large retirement nest eggs after two, three, or more decades. Speak with an experienced estate planner, CPA (certified public accountant), or financial professional to find out your options.
Downsizing After Age 60
Many older couples make the wise choice to downsize their entire lifestyles after the kids are grown or when they decide the time is right to live more simply and frugally while on a fixed income. For those who make this move, the first step is often to sell their home and move into a more efficient, smaller one. Consider working with a real estate agent who specializes in helping older folks downsize. They’ll be able to show you a wider selection of properties that meet your needs.
Buying a Home
Your first home is special in so many ways. Not only is it the place you’ll always associate with your young, newly married years, but it’s also the single biggest investment you’ll make at this point in your life. If you aren’t ready to buy now, work on improving your credit scores and saving for a down payment. Make it a priority to become a homeowner, and you’ll not regret the decision.