Rochester Brides & Grooms Issue 52 November 2017 - May 2018 - Page 41

Finance Saving & Investing It's very important to set both short and long term savings goals. Although retirement may be many years away, you will want to start saving as young as you can to be comfortable when you are older. Many newlyweds can build a very nice savings. Try to save 5% to 10% of your incomes per year. Liquid money can be placed in a very safe money market fund while long term savings can be invested in growth stock mutual funds. Savings objectives may be to purchase a home or to save for retirement. In either case, a recent study found that for every 100 people starting their careers, by age 65, only 3 out of 100 have annual incomes above $31,000 or are financially successful. These people failed to plan. Estate Planning For a newly married couple with assets, it is important to establish a will and plan for joint ownership of assets. A will is very inexpensive and should be completed by an attorney. It can be updated as your family grows and as you build and acquire more assets. Property & Casualty Insurance For newlyweds, there can be some significant savings by combining their auto and homeowners insurance with the same carrier. A property casualty agent that specializes in auto and homeowners insurance can be of great help. It is important to look for an agent that specifically deals in the property casualty area verses an insurance generalist. Be sure to plan all of these financial endeavors once you've completed your legal name change. November - May 2018 • 41