In the hustle and bustle that comes with planning a wedding and preparing to start a life together, couples often neglect to have serious conversations about their future household’s finances. Even adults who have been living together for years can be unprepared for the ways marriage changes your feelings of financial independence and how you and your spouse both relate to money.
According to the latest data from the USDA, parents should expect to spend between $200,000 and $300,000 raising a child from birth to age 17. And that’s just spending on necessities like food, clothing, transportation, and medical care! It’s never too early to start plotting key transitions like college on your family’s $Lifeline and making a plan to achieve those goals.
Deciding when to take Social Security is a key decision in your retirement planning. And while you’ve probably read some “rules of thumb” about claiming your benefits, the truth is that the best time to take Social Security depends on your unique circumstances.
According the U.S. Department of Health and Human Services, a 65-year-old has a nearly 70% chance of needing long-term care at some point in their life. 20% of 65-year-olds will need long-term care for more than 5 years.
