Revisiting: We’re in our 50s, should we get married?
Jan 2, 2025
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Discover the essentials of building a secure financial future with tips on emergency savings accounts and investment options for kids. An 11-year-old's ambition to invest sparks a discussion on encouraging young investors. Explore the delicate balance of love and financial considerations for those contemplating marriage in their 50s. Dive into Roth IRA rules, trust establishment, and some heartfelt anecdotes from KT's childhood, illustrating the importance of personal stories in the financial journey.
Establishing an emergency savings account is essential for financial stability, providing a safety net during unforeseen circumstances.
Marriage decisions in mid to late fifties should prioritize emotional connection over financial incentives, despite potential social security benefits.
Deep dives
The Importance of Emergency Savings
Having an emergency savings account is crucial for achieving financial security. It serves as a foundation for managing financial uncertainties, providing peace of mind during unexpected situations. The podcast emphasizes that everyone should be actively contributing to a savings account to establish this financial safety net. A specific recommendation is made to participate in the Ultimate Opportunity Savings Account offered by Alliant Credit Union to help secure personal finances.
Investing at a Young Age
The episode features a question from an 11-year-old girl about how to invest her savings, highlighting the growing interest in financial literacy among younger individuals. Susie recommends that she open a Uniform Gift to Minors Act account, allowing her to invest her earnings from chores and babysitting in solid stocks or exchange-traded funds. This advice empowers young people to take control of their financial future while emphasizing the value of early investment. By starting young, individuals can benefit from compound interest and growth over time.
Financial Considerations in Marriage
A discussion arises regarding the implications of marriage on financial benefits, particularly concerning social security benefits in a couple's mid to late fifties. It clarifies that getting married does not necessarily affect the amount received from social security; it primarily benefits those whose spouse has a higher income. Emphasizing the emotional aspects of marriage, the podcast suggests that the decision should be grounded in love rather than purely financial considerations. Additional benefits of marriage, such as estate tax advantages, are also mentioned.
On this episode, we hear highlights from an Ask KT and Suze Anything, where Suze answers questions about opening investment accounts for children, catching up on a ROTH, maintaining retirement savings and so much more.
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