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Community Manager

What steps are you taking to secure your financial future?

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Message 1 of 26

What is the best change you have made to how you handle your finances now to help ensure a more secure future? Share what's worked for you, plus learn what others are doing. Thanks for contributing to the discussion!

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Periodic Contributor

Re: What steps are you taking to secure your financial future?

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Message 2 of 26

Unfortunately, I had to divorce my wife who never understood the importance of being truthful and honest about our finances. A wonderful woman otherwise!

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Regular Contributor

Re: What steps are you taking to secure your financial future?

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Message 3 of 26

My husband and I both will get Social Security but only I will get a pension. Initially I was going to take a reduced pension so that if I passed away my husband would continue receiving it. However, it was suggested to me that I take my full pension and instead buy a life insurance policy on myself that would cover my husband if I die. The premiums are less than the pension reduction would have been, and I can cancel the policy if my husband predeceases me. We'll be saving close to $200 a month on the difference between the reduced pension amount versus the life insurance premiums. I'm in good health, on no medication, which made my rate affordable. I'm 63 and my husband is 61. I plan to retire in a little over two years, with my husband following me the following year.

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Conversationalist

Re: What steps are you taking to secure your financial future?

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Message 4 of 26

My wife talked me into looking for a job when I was 66.  The extra few years has done wonders for my nest egg.  I am upping my SS benifits and am able to contribute max savings into my 401k.  As our expenses dwindle, by working we can max out our savings.

 

We all need to pay more attention to finacne and investing. I started at 50 as a resolution.  I subscribed to Money and have listened to financial programs on talk radio.  Year by year I have gained understanding.  I now can see about half my friends are terrible investors.  They will run out of money in their 70s even though they made about the same money that I did.

 

 

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Contributor

Re: What steps are you taking to secure your financial future?

12,807 Views
Message 5 of 26

You didn't have to divorce your wife. You wanted to and that was the excuse you used

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Super Contributor

Re: What steps are you taking to secure your financial future?

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Message 6 of 26
I agree with you. They could have had separate finances. Many couples do and it can work out well
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Gold Conversationalist

Re: What steps are you taking to secure your financial future?

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Message 7 of 26

Switch from your brick and mortar bank to an online bank and reap interest rates on checking and saving that are MUCH higher!  💵

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Super Contributor

Re: What steps are you taking to secure your financial future?

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Message 8 of 26
I have matched up the rates at both. I do better with the small branch banks here. Seems they are always having odd month specials. Thanks anyway.
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Conversationalist

Re: What steps are you taking to secure your financial future?

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Message 9 of 26

I suspect the divorse was due to extreme dissrespect. 

 

I feel I need to trust my spouse.  That is solid grounds for divorse if it is infidelity or spending all your money.  That person doesn't really care about you more than they care about themselves. 

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Super Contributor

Re: What steps are you taking to secure your financial future?

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Message 10 of 26
It sounds more like an extreme lack of communication or understanding about how money is handled. Spending all your money says a lot here. Was all of the marital money yours? Also, I do not think you can compare infidelity to money issues.
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