Massachusetts Retirement Accounts Require Marital Discussions
Retirement accounts held by Massachusetts consumers, including the IRAs, Roth IRA, 401ks and 403b plans, are critical for our long term financial security in this day and age. Retirement accounts are protected from creditors and in Massachusetts bankruptcy.
But can you and your spouse agree on how to invest? A “Love and Money” survey by financial services company PNC show that couples are “split” on how to plan their finances. While the retirement account may be in one name, the plan for the family should be undertaken jointly. The late 2010 survey, indicates that following the “great recession” a majority of men say they are planning their financial affairs better than before, while women disagree. Women also worry more than men about the recession, inflation and having sufficient money to support their lifestyle. Now could be a good time to come together.
Perhaps most concerning in the study was that the majority of men claim to be in charge of their financial decision making, 53%, whereas only 15% of women claim to be the ones mostly responsible. Furthermore, men claim to be higher risk investors than the women surveyed.
Fortunately, of the parents surveyed, there seemed to be an equal understanding about how the recession affected their children. The recession caused more parents to discuss finances with their children. Unfortunately, a higher percentage of parents are worried about their children’s futures, versus a 2006 study. The PNC folks stress talking to children “earlier and more often about money, starting as early as the first grade.”