This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

In Your 50s? Talk About Your Plans

NEW BERLIN, Ill. (TheStreet) -- There are bound to be significant portions of your financial plans that affect others -- your spouse, children, favorite charities, for instance. While it's important that you have your plans in writing, it's also important to talk over your plans with those that can be affected by them. This is especially true for concepts such as stretch IRAs and future intents for charities, since these plans will be carried out after you're gone.

Quite often when I start working with a couple nearing retirement, I notice that one of the spouses is much more involved with the finances and the other is often either blissfully unaware or only minimally aware of "how things are going." With only a minimal understanding of financial plans, how can a spouse be expected to understand why investments have been made the way you have, why there are separate IRA accounts or which account is best to draw income from at what point in time?

Financial plans should not be made in a vacuum. You owe it to your future beneficiaries to discuss yours.

Whether or not you work with a financial adviser, it's important to make sure your family (especially your spouse) understands the plans you've laid out. Spending time going over your plans, at least at a high level, can help clarify what you're thinking and help those affected by your plans to understand your thought processes. Who knows, they may also have some ideas that could lead you to change the overall financial plan you're developing.

Make sure the plans include a way to access the accounts -- where everything is located, passwords, adviser contact information and the like. If you need a format to gather this information into one place, there are forms available here to help you with the process of organizing all of your financial "stuff."

You're making some of these plans for your spouse and family for when you're gone. You owe it to those beneficiaries to discuss with them your plans -- retirement accounts, investment strategies, insurance plans, etc. -- since they'll be most affected by them. Very simply, plans should not be made in a vacuum.

>To submit a news tip, email:


Follow on Twitter and become a fan on Facebook.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs