Personal
My fiancé and I are both in our early 30’s, have been together for just over 10 years, and plan on getting married in 2020. We recently moved to a new city and have started new careers. We’re both currently working part time, but expect to both be working full time by the end of the summer 2019. Because we are both working part time we do not have any health insurance, but will be insured once we’re working full time. We are currently renting, but are saving for and hope to purchase a house in 2020. We have absolutely no debt and pay off our credit card balances in full every month.
Budget
We both have jobs that vary in hours per week, but take home an average of $3,300 per month. Our total expenses average out to $2,400 per month, leaving us with a net of $900 per month before savings. We track each individual month’s income and expenses to determine how much we should put in house, trips, and personal savings.
Savings/Investments
We use several bank accounts, some joint and some separate, so for simplicity I’ll use totals for each category. We keep about $5,000 in checking and about $8,000 in individual savings. We have an emergency fund with more than 6 months covered (based on current income, and high enough for our expected increased income). We have about $2,000 set aside for trips, and about $30,000 for a down payment on a house. We have retirement savings of $140,000, including a Roth IRA which I contribute the maximum to each year, and another non-retirement investment account with $50,000.
Health
My father had a hereditary neurological disease that he passed away from at age 57, and I have a 50% chance of also having the same disease. The disease had him in assisted living for over three years eating away at his personal savings. There is a test to see if I also have the disease. I have not yet taken that test because when it comes to insurance there are some things I do not believe I will be able to do after receiving a positive result.
Questions
How do I ensure that my partner will not have to spend all our money paying for my care if need be?
Is there a supplementary health insurance plan I should look into? Should I take out long term care insurance?
Should I take out life insurance? If so, should I do a term or whole plan?
Should I continue contributing to my Roth IRA?
Should I legally get married? We’re eloping in Mexico and can simply not complete the paperwork in Nevada to make it legal.
What should we do when we buy a house? Should I not be on the title? Should I attempt to have the mortgage in my name only?
Submitted March 14, 2019 at 01:57AM by henrysspam https://ift.tt/2XY4xX8
