Two Income Hectic Lifestyles

Perhaps unlike our Grandparents generation, it is quite normal for couples nowadays to both have careers or jobs to think of.

This can make life hectic, especially if they are busy trying to raise a family as well.

If you have a two-income lifestyle now, are you planning on a two-income lifestyle in retirement?

If you are both working, have you made adequate provisions for catastrophes such as an inability to work due to an illness or injury, or premature death?

Not that long ago, it was normal for the breadwinner to have the larger superannuation balance, and for the breadwinner to have income and life insurance.

Fast forward to the present and we find that the total income from both partners is required just to survive, even if one partner has what may be called the main income. The second income is no longer just for luxuries.

If this is the case, then maybe a rethink of your financial arrangements is in order.

The three key areas to review include your Superannuation, Income Protection, and Life Insurance program.

Will your joint superannuation arrangements provide enough income for your retirement plans?

If you need both incomes, do you both have income protection?

Do you both have enough life insurance cover to at least provide a debt free home to your family?

Look at the plans you already have and adjust them where necessary.

Then you can relax and get on with that hectic life!