Break from the Grind February 10, 2015

Should You Talk Finances with Your Valentine?

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Among American couples that report arguing about money, nearly one-quarter (24%) say the context is about spending too much rather than not making enough (6%).

One-quarter of the population surveyed by COUNTRY Financial said both issues are a common argument.

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However, more than half (56%) of those who work with a financial planner report not fighting about their finances.

The latest COUNTRY Financial Security Index survey shows nearly half of Americans think it’s better to address finances sooner in a relationship, with 7% saying it is best to talk money immediately, and 41% saying should talk money no later than within the first six months of dating. But, there is a difference between generations when it comes to talking money in the early stages of dating. Younger generations discuss finances later in their relationships, with just 12% of those younger than 30 talking about money immediately or within the first few weeks of a relationship. In contrast, for daters older than 50, there is at least a 21% chance there will be talk of finances within the first few weeks of a relationship.

Thirty percent of married couples or those in a relationship reported they discussed finances immediately or within the first few weeks of their relationship. That number jumped to 39% for those ages 65 and older.

Seventy-seven percent of respondents said they feel debt is an important factor for singles to consider when dating. Nearly half (48%) think singles should be concerned if their romantic interest has bad credit.

“Finding the right time to talk to your valentine about financial matters may seem daunting, but waiting too long can have consequences,” says Joe Buhrmann, manager of Financial Security Field Support at COUNTRY Financial. “Make the discussion conversational and compare debt, credit scores, and spending habits together. It’s important to have an understanding of each other’s financial matters before taking the next step in a relationship, like co-signing a lease or making large joint purchases.”

The survey also found 64% of respondents think combining finances is important for couples, and that number increases to 73% for those ages 65 and older. Married couples are more likely to think combining finances is essential. Seventy percent viewed the combination as important, and one-third of married respondents feel it is “very important.” Among the top percent of earners, combining finances is less of a priority, with the importance dropping to 52%.

Deals and People February 10, 2015

Groom Boosts Plan Funding and Restructuring Group

Groom Law Group announced the hiring of Joshua Shapiro.
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Employee benefits law firm Groom Law Group expanded its pension plan funding and restructuring practice with the hire of Joshua Shapiro as a senior actuarial adviser.

John McGuiness, executive principal at Groom, says the plan funding and restructuring practice works with defined benefit pension plans facing financial difficulties—whether single employer, collectively bargained, or multiemployer plans.

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“We are sure Josh’s expertise, from single employer plans to the recent multiemployer funding legislation, will prove particularly valuable with respect to our work for defined benefit plans and their stakeholders,” he notes, adding that now is a challenging time to run a pension plan of any type, healthy or otherwise.

Before joining Groom, Shapiro spent five years as the deputy director for research and education at the National Coordinating Committee for Multiemployer Plans (NCCMP). In that role, he was a principal member of the team that spearheaded a legislative effort that resulted in passage of the Multiemployer Pension Reform Act of 2014. Prior to his work at the NCCMP, Shapiro worked as an actuary at a number of actuarial consulting firms working with pension plans.

Shapiro is a fellow of the Society of Actuaries, a member of the American Academy of Actuaries, and an enrolled actuary.

More information about Groom Law Group is available at www.groom.com. 

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