TAKE ACTION IN YOUR FINANCIAL PLANS

In a way, you've already established one goal: to be out of debt. Although this is your primary goal, you may want to consider other, secondary goals, which will be made possible by your success with your primary goal.
Depending on where you are in life, your plans may be to have children, put children through college, buy a house, or have a secure retirement. All these goals will beneft - and some are only possible - if you get your finances under control.

As you consider these five key questions about your goals as a couple, keep in mind that each decision involves trade-offs. A large house today means less money available to raise a family. Early retirement implies a greater emphasis on savings. It’s vital for you and your spouse to establish a general consensus on financial goals, so that the inevitable trade-offs don’t become sources of resentment as the years pass.

The nearer in time your plans lie, the more quickly you want to eliminate your debt and begin saving. For example, if you want to buy a house in fve years, you may be willing to work harder to pay off your credit cards so that you can get a mortgage. And you may even want to give yourself an extra year or two to save up for furniture so that you don't get into too much debt again.

Over time, your lifestyle, earning power, and attitudes may change, so review your goals regularly to make sure that they still refect your plans.
Conversely, now that we’re living longer and staying healthier in our later years, many people choose to keep working well past the age of 65. Some even use their Golden Years to explore new education and career options. This trend has been reinforced by the realization that older people make excellent employees. They’re seasoned, they’re reliable, and they can serve as mentors for younger staff. According to the US. Census Bureau, the American workforce in March 2003 included more than 4.45 million people 65 and older, representing 13.7 percent of all Americans in that age group. And, with more than 5.1 million workers between the ages of 60 and 64, the number of seniors at work is sure to swell.

A decision to keep working past the customary retirement age has implications for your budget. You won’t need to allocate as much of your budget to savings, and you’ll be able to count on additional income in your later years.

Thus, bizarre as it may seem, achieving your goals as a couple requires you to consider your retirement now. Not only will you develop some specific planning points, but you’ll also refine your long-term objectives. As you work on those objectives, you’ll be helping your partnership to grow.

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