Charleston Chapter – MOAA Charleston Chapter – MOAA
Charleston Chapter – MOAA Charleston Chapter – MOAA
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Charleston Chapter – MOAA
Date Posted:12/10/18
This Story Expires on: 03/31/19
VA Makes It Easier to Share Your Health Information with Private Doctors

Date Posted:12/10/18
This Story Expires on: 02/28/19
Many Tricare Users to See 2019 Enrollment, Fee Increases

Date Posted:12/10/18
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Memorials

Date Posted:12/10/18
This Story Expires on: 03/31/19
Marine Corps General James Conway and Master Sergeant Blaine Scott. (Photo: Ho Lin, Military.com)

Date Posted:12/09/18
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Toys for Tots Presentation

Date Posted:12/03/18
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MOAA Members who are also members of the VFW

Date Posted:12/03/18
This Story Expires on: 01/05/19
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Date Posted:11/21/18
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Date Posted:11/21/18
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Transitioning to Civilian Life: Navigating the Financial ShiftNo matter why you're leaving the military, a big part of preparing for your civilian lif

Date Posted:11/20/18
This Story Expires on: 01/31/19
New research could lead to disability benefits for Vietnam veterans with high blood pressure

Date Posted:11/15/18
This Story Expires on: 01/31/19
New bill would ease GI Bill transfer rules for vets, military families, like never before

Date Posted:11/15/18
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Date Posted:11/15/18
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Everything You Need To Know About Tricare Open Season

Date Posted:11/05/18
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Overseas Holiday Mail

Date Posted:10/09/18
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TRICARE Dental Plan Changes Soon

Date Posted:10/06/18
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State Veterans Benefit

Date Posted:10/03/18
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New Military Spouse Technology Program

Date Posted:10/02/18
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Veterans and Headaches

Date Posted:09/24/18
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Date Posted:09/23/18
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Signs of Suicide: How to Help

Date Posted:08/03/18
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The TRICARE Retiree Dental Plan ends on Dec. 31, 2018

Date Posted:06/07/18
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Make Big Financial Decisions With Your Spouse Not Alone

Date Posted:05/31/18
This Story Expires on: 12/31/18
Share Financial Information with Your Spouse Now to Avoid Problems Later

Date Posted:05/05/18
This Story Expires on: 09/30/19
Take the VA's New RAMP to a Faster Appeal Decision

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Share Financial Information with Your Spouse Now to Avoid Problems Later
Posted on: 05/31/18
This Story Expires on: 12/31/18




It’s common for couples to share their financial lives but not the responsibility for managing household finances. It might be time-consuming for both of you to review your bills, as well as spending and savings plans each month. But if responsibilities unexpectedly shift due to a sudden illness or loss of a spouse, getting up to speed quickly could be challenging for the person least familiar with handling the family finances. Without the help of the person who has always handled the money, the one left in charge will face major headaches. 

Grab your partner now and get started sharing your family financial picture to better prepare for the future. 

We have six questions you and your spouse can answer together. The questions will help you figure out how prepared each of you is to handle family finances.

1. Do you know your family’s bank, credit union, and other account numbers and how to access those accounts? Include any safe deposit box, retirement accounts, pensions, etc. 

2. Do you know about all property and investments your family owns? Do you know whether you and your spouse are co or joint accountholders, and the names of beneficiaries? 

3. Do you know what money is coming in to your household? Including where it’s deposited? For example, where paychecks are deposited?

4. Do you know what payments your household is making? Think about: 

  • Mortgage or rent
  • Auto loan payments
  • Utility bills
  • Credit cards
  • Student loan payments
  • Cell phone
  • Property taxes
  • Insurance
  • And more!

5. Do you know when bills are due and how they are typically paid? Are they paid online, by automatic debits, by mail, etc.?

6. Do you and your spouse have a will, powers of attorney, and similar legal documents? Do you know where they are? Are they current?

Once you’re aware of the gaps in your or your spouse’s knowledge, you can work together to get on the same page. 

Get started in a few steps

  • Schedule time for you and your spouse to go over your financial picture. Start by taking an inventory of your family finances: income, expenses, debt, and investments, if any. It’s good to get in the habit of sharing this every so often as your financial picture changes or so it stays fresh in your mind. 
  • Maintain a list of account information and store it in a secure location. Make sure you both have access to online accounts. Create a list that includes account numbers, usernames, security questions, and passwords. There are many options available for securely saving the list digitally or printing it and storing it in a locked fireproof box. Remember to tell your spouse how to access the file and update it when necessary.
  • Have a plan. Make sure to plan for what will happen and who will manage your finances if one or both of you become ill or die unexpectedly. Consider creating a durable power of attorney so you will have someone in place to pay your bills or make financial decisions if you can no longer do it on your own 

 

Losing your spouse is challenging on its own, and that stress multiplies if you find you are in the dark about your family finances. It’s worth taking time now to make sure you both will be equally prepared for the future. Download a printer-friendly version of this information  to share with friends or clients.

Consumer Financial Protection Bureau.



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