The theme this week on the Retirement Quick Tips Podcast is: How To Include Your Spouse In Financial Decisions

Today, I’m talking about the importance of creating a financial inventory.

This is critical for reducing stress and further financial damage if you die unexpectedly. Here’s how you create a financial inventory

• List all of your accounts and a few high level details
• You don’t need to include all the details. Where is the checking account held? What’s the last 4 of the account number? Which branch or name of the banker who can help? How much is in there currently? 
• You do this for bank accounts, credit cards, investment account statements, mortgage statements, insurance policies. Basically, any asset you have, any debt you have, every credit card should all have a line item listing on this inventory list
• The goal is to give your spouse a complete picture of where the assets are held.
• Review this and update annually with your spouse. Let them know where to find a copy, then importantly, give a copy to your trusted advisors 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance