Meet Claire
Age: 31
Salary: $6,000/month
Employment: Government
Claire’s main concerns, in their own words:
I work for the government and my husband is a stay-at-home dad. I have one daughter 2 years old and another baby on the way. I make $6000/month take-home pay. I’m saving 5% toward retirement with 5% employer match. I have $500K in term life insurance and so does my husband. My main concern is having enough for my children’s education, life insurance, and retirement. I feel like it’s hard to know if I am prepared because I’m still young. I have $150K saved for retirement and $2K saved in my daughter’s 529 plan. I will receive a pension and I have additional life insurance/annuities for my husband if I died while working. Not sure how my situation should change once I have the second child. Any advice is appreciated. Thanks!
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.