investing

9 financial planning rules for women

Know your spouse's retirement plans
Know your spouse's retirement plans © g-stockstudio/Shutterstock.com

Know your spouse's retirement plans

If you're married, you need to have a clear idea of what your spouse has in mind for his or her retirement. Scharr-Bykowsky often encounters couples in which the man makes financial decisions, including retirement plans, that aren't necessarily in the woman's best interest. For example, he might decide to take his pension withdrawals early in exchange for a lower survivors benefit.

"The wife might say OK, not realizing that she's only going to get 40 percent of that pension instead of 100 percent," Scharr-Bykowsky says. "It really pays to be in the loop with that decision."

A woman who will be depending on her husband's Social Security benefits can end up in a financial bind if he decides to retire early.

"Someone retires at 62, and the wife lives to be 100, and she has a reduced Social Security benefit for the rest of her life," says Scharr-Bykowsky.

advertisement

          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

CDs and Investment

Need to invest $3K for the long term?

Dear Dr. Don, What's the best place to invest $3,000 for the long term? I'm interested in earning the best rates with low or no fees. Thanks, -- Cheryl Compounds Dear Cheryl, You've got (at least) three questions to... Read more

advertisement

Blog

Sheyna Steiner

6 stunning facts about Apple’s earnings

The world's biggest company, Apple, released earnings for the first quarter of fiscal year 2015. The results were stunning.  ... Read more

Partner Center
advertisement

Connect with us