Money Advice

In these tough economic times, many marriages are suffering as a result of job loss. The strife can be enormous, the toll can be a life altering experience…truly devastating.

Having met with many couples who called it quits because financial stressors tore their relationship apart, I have made a point of offering some tips on how to keep the marriage intact through such a rough patch, and more importantly suggest that they use this "professional interruption" as an opportunity to strengthen the relationship.

Marriage is a union which incorporates several features, not the least among them financial. It’s true, of course, at the beginning of a marital relationship the romantic aspect often overrides other considerations. However, as the routine of everyday living takes hold, you and your spouse will discover the quality of your union will be measured as much in well-being as it is in hugs and kisses. I can still recall a popular slogan from my childhood days during the Great Depression, "When poverty walks through the door, love flies out the window." It’s for this reason the economic aspect of your marriage be considered from the onset.

As couples struggle with the complex challenges of retirement income planning, more are turning to Single Premium Immediate Annuities, or SPIAs for help in managing the risk of outliving their retirement assets. In short, an immediate annuity allows a person to convert a sum of money into a guaranteed series of payments for a period equal to the greater of the person's life or a certain number of years.

SPIA sales have been relatively flat for years, however sales have recently been growing at a 25 to 30 percent annual rate, reaching $2.4 billion in 2008.

If the past year has taught us anything, it’s that financial catastrophe can strike at any time—and that most people aren’t prepared to handle the rainy days. In fact, a recent MetLife study showed that more than half of Americans live paycheck to paycheck—and these days, some of us feel lucky to have a paycheck at all!

Being married presents unique challenges when it comes to saving because it’s often true that opposites attract, and saving habits are no exception. Many times, one person tends to be a saver, while the other partner might be a bit more impulsive.

It’s been many years since my bride and I first set up house. As I recall, neither of us thought much about the economic partnership we entered. What we learned came mostly through trial and error. We lucked out; things worked pretty well. Having seen it all, I'd like to offer my hindsight on what makes for a successful financial life together. Here are five suggestions that will do you well.

1. Take stock of your starting point. The assets and liabilities each of you brings into marriage must be recognized and considered from the onset.

You’ve figured out how much you can afford for a down payment, you’ve crunched the numbers to see how much you can pay each month, you’ve worked with a qualified real estate agent to find the perfect house in the perfect location. Now what?

For couples on the path to home ownership, there’s still one more critical obstacle to cross—securing mortgage financing. In these "credit crunch" times, this may seem at first glance to be a bigger challenge than getting Celine Dion to sing at your anniversary party. Contrary to what you may have heard, however, rates are at near-historically low levels and there are good deals on properties to be found practically everywhere.

Today’s economic environment has left countless couples feeling uneasy about their finances and worried about what will happen next to their hard-earned savings. Many are coming face-to-face with questions they most likely never imagined they would have to confront now or in the future: Will we be able to sustain a comfortable lifestyle? Do we have enough money to pay our bills each month? Can we afford to keep our home? Will we ever be able to retire?

As savings dwindle, financial concerns can put a strain on any relationship and you might find yourself pointing a finger at your spouse