Money Questions You Should Ask Your Partner

By SiliconIndia   |   Monday, January 30, 2012   |    2 Comments
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Bangalore: A strong marital life is based on truthfulness and proper communication in all spheres of life, including the financial aspect. Talking about money matters with your spouse might not be a very comfortable topic but it’s a necessary evil like money itself. Clearing certain aspects about money at present can save a couple from a ton of ordeal and damage in the future. Keeping the current fluctuating economic situation of countries throughout the world, it becomes exceedingly important to discuss a few financial aspects with your spouse at present. Liz Weston of MSN Money gives 10 vital questions to ask one’s spouse to ensure a better financial future. Like they say that there is no time like the present, discuss these crucial questions with your spouse today –

1) How Will We Take Care of Ourselves When We Are Old?

The age old question of providing for oneself in old age bothers every single person. This is an unavoidable fact of life and needs to be given careful attention to. One cannot skip planning for this phase of life, even though most people believe in living in the moment. There are a few questions pertaining to old age we need to ask ourselves, namely – living with children or in a community home, paying health related bills, steady flow of income and the like. It might not affect people who are still young but it is a life defining question for most middle-aged people. Unless one is born with a silver spoon in one’s mouth, this bothersome should be given thought to from an early age. Discussing this fact is mandatory for all people because in old age, only proper planning and long-term investment will pay off. Going for certain types of insurances and keeping a tab on current financial actions will help plan for this. Thinking for this phase of life is not a sign of old age but that of maturity, which ensures a healthy and hassle-free old age.

2) Are We Saving Enough for Retirement?

The very next question that pops in one’s head when thinking about taking care of oneself in old-age is that of retirement funds and pension. No salaried person with duties and responsibilities will ever forego giving deep thought to this part of financial life. A retired and comfortable life demands a sane and orderly investment during working life. Savings and pension funds always help this aspect of life but this requires a little extra. Chalking out a pension policy is personal and should be done with the help of a professional. A few Pension Policies across India include – LIC Jeevan Akshay, LIC Jeevan Nidhi, HDFC Personal Pension Plan, HDFC Standard Life (Unit Linked Pension Plan), SBI Life Pension Plan, Tata AIG Nirvana Pension Plan, Tata AIG Life Apex Pension Plan and many others. With many changes being made in the Indian insurance policy sector, policy holders are at the receiving end of the resulting benefits. This pension amount again depends upon the kind of life a couple wants. If one wants to see the world and travel the 7 seas during retirement, one needs to save a lot more than a regular retired couple. People who have faced financial crises during life and are starting late on savings and pensions, they ought to consult a financial advisor for proper investments. Moreover, having a sound spending pattern will also help plan for retirement.

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Reader's comments(2)
1: Quite interesting to read... thanks
Posted by:priyanka - 02 Feb, 2012
2: Hopefully our counterparts will understand the gravity of these questions.
Posted by:Richa - 30 Jan, 2012
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