Most couples think they communicate well, but research indicates that communication about finances is often not good. In our previous essays we have discussed common financial disagreements.
In this essay we will discuss some of the financial worries couples have.
Nearly three-quarters (74%) of couples worry about unexpected health care costs. For more than half, it’s their top concern. With people living longer than ever before, advances in medical technology and the skyrocketing cost of health care, this concern comes as not real surprise.
After health care, the next biggest concern for couples (51%) was outliving their retirement savings.
The negative effects of inflation and concerns that Social Security may run out were the next biggest concerns.
Despite these worries, only 20% of couples actually have a plan in place to address these issues! And over one-third (36%) haven’t even thought about planning!
Our next essay will take a look at those couples who have taken the time to create a financial plan.
Korving & Company, the 2015 Suffolk Small Business of the Year is a family owned investment management and financial planning firm. We deliver a very personal level of service to guide, empower and assure our clients that their money is carefully managed to meet their long-term life goals.