For many women their biggest fear is that they will be penniless and homeless in their old age and unable to afford food, shelter, and medical care.
Even if you leave everything in your will or trust to your spouse or children, if your mother is still named on the retirement plan or life insurance she will receive the proceeds.
Couples are marrying later in life, which means the merging two households.
A Spousal IRA is an IRA funded for a spouse with little or no income by a working spouse with income.
An ESA is another savings program for educational expenses which can be set up for kids under 18 years of age. The annual contribution limit is $2,000 per child.
Whenever there is a life event such as a marriage, divorce, death, or a birth you need to review and update the beneficiary designations on your various accounts.
When ESA’s were created they were named Educational IRAs and limited to a $500 contribution. With a name change they became the Coverdell Education Savings Accounts.
Whenever there is a life event such as a marriage, divorce, death, birth or a significant birthday you need to review and update the beneficiary designations on your various accounts.
Before you say “I do” again you need to start thinking like Donald Trump!