Newlywed Financial Planning

A newly married couple can be of any age, but typically, if you’re newly married, you’re in the “accumulation phase” of your lives. At PDS Planning, we work with newlywed couples of all ages, listen to their concerns, their dreams and their goals, and help them anticipate and plan for their futures. We have the foresight and experience to help newlywed couples manage and plan their finances.

How Big Should Our Emergency Fund Be?

Generally, 3-6 months of expenses is appropriate, but it can be as much as 12 months depending on your comfort level. We can help you create financial statements that will provide a summary of your assets, and guide you in this process.

Can We Afford to Buy a House?

After your emergency fund is achieved, we can help you establish a budget to save for a down payment. If necessary, we can help with the creation of a detailed income and expense report that will guide you in this process.

How Do I Balance Conflicting Goals, Like Paying Off Debt, Saving For a Home & Planning for Retirement?

At PDS Planning, we can help you understand how the decisions you make today will impact your long-term goals. Then, we help you organize and prioritize your decisions, so you can feel comfortable with the results.

What About Marriage Taxes?

If your situation calls for it, we will create a tax projection to help determine what tax strategies may make sense for you and review the pros, cons and eligibility issues regarding tax deferred accounts vs. Roth IRA’s vs. taxable accounts. There are some tax benefits to marriage and we will help you uncover them.

How Do I Know My Spouse Will Be Taken Care of If Something Happens to Me?

We’ll help you determine the right balance of disability and life insurance, based on your personal situation. PDS Planning will evaluate whether there are financial needs in excess of the current investment assets and life insurance. If there is an additional need, we will help to provide options that can best achieve the goals for your surviving spouse.

We will also review your estate documents, the titling of your assets and beneficiary designations to ensure that they transfer efficiently to your surviving spouse. We will work with your estate planning attorney, or if you do not have one, we will help you select one – to insure that your estate transfers your assets in the manner you wish, and that your spouse will have enough money in the event of your death.

What If I Don’t Know What to Ask?

First, you should realize that there are no “stupid” questions. Just ask whatever is on your mind. We work with clients of all ages and in all stages of life, so chances are, we’ve dealt with issues and questions like yours before. Our goal is to help educate you so that you can enjoy a richer, more rewarding life – and we want the process of planning your future to be as rewarding as getting there.

If you are a newlywed couple and you would like more information regarding marriage financial planning, contact PDS Planning today.