Many of us can remember our fathers working their whole lives at a single job, devoting their careers to just one company in return for a secure pension to last throughout retirement. Today, the world is a very different place: Now, the median length of time the average person holds a job is 4.1 years. The result is a dramatic change from traditional pension plans to 401(k)s and IRAs, which leave the individuals responsible for their own retirement planning.
This is just one of the many aspects of the modern world that requires people to be far more proactive about managing their finances. Anyone can execute stock trades with a click of a button. And with the help of the Internet, everyone believes himself or herself capable of being a financial expert. For women who may have relied on their husbands to manage the family's affairs in the past, this new landscape can be challenging. More than ever, both spouses need to work together as financial partners, regardless of who generates the family's income.
It's not enough to be a helpmate in these situations anymore. Instead, it's necessary to be equal allies. To be of support in your family finances these days requires active participation. Successful relationships aren't about two people looking into each other's eyes; success comes when two people are looking in the same direction toward the future.
When it comes to achieving lifetime goals of personal peace, family success and financial stability, one must envision the future and ask, "Am I prepared to make it through bad times, especially if someday I'm on my own?" For previous generations, finances were on automatic pilot at the point of retirement or death of a spouse, but not anymore. Today there are things like 401(k) distributions to manage, mortgage payments to make, tax implications for every dollar you give to your children and grandchildren, complex estate planning considerations and the ever present need to manage risk on many levels. It just isn't smart to be left hoping someone else will make the proper decisions for you later on.
Being active in making financial decisions won't just help you secure your own financial future, keeping you in the lifestyle you deserve throughout your retirement years, it will also ensure your legacy is passed on - that your children and grandchildren get what they need. Family finances are a family matter. Make sure you play your proper role in them, for the sake of yourself and your family.
Craig is has spent more than thirty years as a comprehensive financial planner. He is glad to answer your questions by e-mail: Craig@Carnick.com, or visit http://www.carnick.com for more information.
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