So this is married life. That’s right, after 44 years of being a bachelor, I found the right lady to be Mrs. Koenig. Megan and I were married on June 20th in a small ceremony with our families.
After the excitement of our honeymoon in Greece, we came back home and started untangling our finances. We started answering questions like, what bank should we use, what credit card has the best rewards, etc. Below is a quick checklist to share with couples who are getting married or a refresher for couples that have been married for a long time.
- Set Goals – Spend some time thinking about your future and common financial goals. Megan and I hope to retire somewhere warm by the ocean.
- Get Organized – To make the day-to-day of your finances run smoothly, it helps to get organized. We sat down and reviewed our credit cards, debts, and budget to make sure we were both on the same page.
- Review Your Taxes – You may need to review your tax withholding and filing status once you’re married. This can also be a chance to review your investment accounts to look for additional possible tax savings. With two incomes, we were able to adjust our 401ks to save a little more.
- Protect What Matters – When you get married, it’s important to review, update, and in some cases purchase different types of insurance. Here are some of the types to consider.
- Health Insurance – Check if you could save by obtaining coverage under the same plan, like if one spouse joins the other’s employer-sponsored plan.
- Life Insurance – Your employer may provide you with a certain amount of life insurance coverage, but many people find they need to purchase additional coverage on their own.
- Disability Insurance – This usually covers a portion of your salary if you become disabled before retirement. Your employer may provide you with coverage, but make sure it’s enough to meet your expenses.
- Create an Estate Plan – Make sure to update your beneficiaries on all your investment accounts and life insurance. You may even need a trust or Power of Attorneys and Healthcare Directives. We have teamed up with wealth.com to offer these services to our clients. Megan and I set up our will and other directives with wealth.com and saved thousands.
If you’re still reading this, I hope you’ve found one or two things that might help you and your family. As for Megan and I, we are excited at what comes next for us.
Please let me know if you have any questions on the topics covered or anything else that is top of mind for you and your family.
