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5 Financial Planning Tips for Newlyweds

Wedding season is in full bloom, which means a fresh crop of newlyweds will be spending the summer adjusting to married life. When the honeymoon’s over and you come back down to earth, the first order of business is to get your finances in line. Even if you had all your ducks in a row when you were single, sharing a household with your spouse requires discussion, planning and changes – sometimes a lot of changes – to your financial portfolio. Not sure where to start? Here are five financial planning tips for newlyweds that will make your transition to married life a piece of (wedding) cake. Lay All Your Cards on the Table Get the ball rolling by presenting your financial documents to each other. First, tally up all your assets. These might include your savings, checking and retirement accounts as well as any real estate holdings or collectibles.…

7 Common Life Insurance Mistakes to Avoid

According to a Bankrate Money Pulse survey from June 2015, nearly 50 percent of American households don’t have any life insurance to speak of. Among those who do have it, nearly half are underinsured. The survey also notes that many policyholders don’t understand how much life insurance they need or how much they should be paying, which can lead to serious mistakes during the buying process. Here are seven of the most common life insurance mistakes to avoid before, during and after you buy a life insurance policy. Being Less Than Honest on Your Application It can be tempting to provide misleading personal information on your application to try and receive a better premium. However, doing so could put your family’s financial security at risk. It’s important to be completely honest in your application because false information can lead to inaccurate quotes and, even worse, grounds for a life insurance…

Cash in on Your Marriage

With the fall wedding season right around the corner, what better time to think about the financial benefits of holy matrimony? These five perks make a strong case for joining lives – and wallets – with your significant other. Joint Income Tax Returns Tax rates for married taxpayers filing joint income tax returns are lower than for single or married taxpayers filing separately. And the standard deductions of a married tax filer are typically higher than itemized tax deductions. Filing jointly also helps if one of you earns a much higher income than the other. Why? Because your tax rates as a couple will effectively average out your total household income. Speaking of averages, combining income and expenses often helps lower the tax liability for married taxpayers filing jointly. Increased Credit Scores Provided that you and your spouse have good credit to begin with, combining your incomes will usually result…

Determining Your Life Insurance Needs: 10 Milestones for Changing Your Coverage Amount

All too often, people buy a life insurance policy, stuff it in a drawer, and forget about it. While there’s no question that having coverage in the first place is the responsible thing to do, it’s important to remember that your life insurance needs hardly remain static. That’s why it’s a good idea to review your current life insurance policy once every five years. If one or more of the following 10 milestones have occurred since you initially bought your policy, it may be time for you to increase – or decrease – your coverage.  You’ve Gotten Married, Divorced or Been Widowed If you’ve just gotten married, the best wedding present you can give yourself (and your partner) is more coverage – especially if one of you is financially supporting the other. If you’ve recently divorced or been widowed, you may want to reduce your coverage amount – especially if you don’t…

How Much Life Insurance Do You Need?

The amount of life insurance that you need depends on where you are in your life. While there’s no question that having life insurance in the first place is the responsible thing to do for you and your family, it’s important to remember that the longer you live, the more your life insurance needs change. Reviewing your policy once every five years is a great way to ensure that your life insurance is keeping up with you. If one or more of the following five milestones have occurred since you initially bought your policy, it may be time for you to change your coverage amount.  You’ve Married, Divorced or Been Widowed Just married? Congratulations! Now you have a spouse to consider. And kids, if you plan on having any. Better get a policy if you don’t have one already – or increase your coverage if you do. Divorced or widowed? Since…

Do Married People Live Longer?

While ultimately the answer is “yes” – what are the contributing factors that lead to a longer life for married couples?
Marriage can provide many physical and mental benefits over a lifetime in the right circumstances. Simply getting married doesn’t instantly add an extra 15 or 20 years of life to one’s biological countdown timer. Saying “I do” doesn’t immediately reduce one’s risk of heart attack, stroke, cancer, or other serious illnesses. And, wearing that shiny new ring doesn’t automatically mean you can eat more and not gain weight. So, knowing that marriage doesn’t really offer an immediate boost to your lifespan, what are the real reasons why those who are married tend to live longer, healthier lives? Read on and we will cover some of the basic factors that help married individuals enjoy longer lives:

Giving your New Baby the Royal Treatment

kate middleton prince william royal babyIn the wake of the birth of Prince George, the world is buzzing over everything baby. In honor of the royal baby, we are offering advice for new or soon-to-be-parents on financial planning and preparation for the new addition to your family. Your head can spin from the learning curve associated with adding a new member to the family, but there are some steps you can take in order to ensure that you are fiscally prepared.
A 2011 Department of Agriculture report found the cost of raising a child to age 17 to be nearly $235,000. The Wall Street Journal estimates the cost to be closer to $1.5 million. Whatever your personal estimate may be, planning for the future of your family is absolutely vital.

5 Reasons to Revisit Your Life Insurance Coverage

Screen shot 2013-02-13 at 9.55.58 AMWe have already told you many reasons as to why you should have life insurance, but what if you already have life insurance? You may be wondering at what point in time, if any, that you need to review your policy to make sure you always have the best coverage. There are life-changing events, planned and unplanned, that will alter the life insurance coverage you need. Here is a list of 5 events that commonly act as catalysts to re-evaluate your life insurance: