Its a fact couples in the US are marrying later in life especially college educated professionals As a result both partners have often begun to save invest and accumulate assets Premarital financial planning has therefore become extremely important And the awkward question must be asked “How can we protect our assets when entering into marriage without tainting the romance of engagement” , According to the US Census Bureau the average age for first marriage in 2024 was 311 years for a man and 292 for a woman compared to 228 and 203 respectively in 1960¹ People often equate premarital planning with “prenuptial agreements” and mistakenly think that these arrangements are only for the wealthy The fact is that there are a number of other planning strategies that can protect your…, Protect the integrity of non-marital property, Marital property is subject to division upon dissolution of marriage non-marital property is not So one way to protect your assets upon marriage is to clearly understand how non-marital and marital property are defined and how they are impacted in the event of a divorce Non-marital property consists of assets that each spouse either brings to the marriage or inherits after the onset of marriage…, Title your assets appropriately prior to marriage, If the assets are held in an account that is titled in an individual’s name the assets should continue to be held in this manner However to maintain this property as non-marital one must ensure that they do not “taint” the character of these assets Commingling these assets with marital property or making contributions to the account with marital assets may make these assets marital For example…, Consider a family limited partnership or irrevocable trust, Family limited partnerships and irrevocable trusts are tools that can provide effective creditor protection Depending on the size of a family’s overall wealth personal situation and other variables a family’s strategic plan may provide for a portion of their assets to be retained in a partnership or trust If the trust is structured appropriately certain provisions will not only make the assets…, Retain financial independence, Regardless of whether a couple takes the steps noted above or conversely there is no necessity to take these planning strategies into consideration couples entering marriage might want to consider retaining some financial independence Below are a few easy ways that this can be accomplished Retain a separate bank account that allows for immediate access to cash with funds that cannot be “cut-off”…, Consider a prenuptial agreement, While the above are ideas to consider a properly executed prenuptial agreement is not necessarily a recipe for marriage disaster A prenuptial should be viewed like any other insurance policy When you buy auto insurance you don’t excitedly wait to use the insurance but you have it in the event that something unfortunate does happen A prenuptial can provide clarity in the unfortunate event of…, Our recommendations, In summary while premarital planning can include the process of obtaining a prenuptial agreement there are other solutions and planning techniques one can utilize While all situations differ it is always recommended that the specifics of an individual’s situation be coordinated with appropriate legal counsel and other family advisors If you are planning to get married — , or know a friend or family member who is,  — your Mesirow wealth advisor can serve as a third party to initiate this conversation and to help structure and retain the integrity of non-marital assets prior to marriage , Published January 2025, 1 Source wwwcensusgov

Wendy Evans is a Vice President and Client Relationship Specialist in Mesirow Wealth Management She is responsible for day-to-day client service and communications including client portfolio analysis trade requests account processing and documentation  Wendy has more than 30 years of experience in the financial services industry Prior to joining Mesirow in 2001 she worked as an Administrator for…

Wenli Tan is a Managing Director in Mesirow Fiduciary Solutions She provides extensive quantitative and qualitative investment research for the groups fiduciary partnership consulting institutional due diligence and other related engagements Wenli has 20 years of industry experience Prior to joining Mesirow in 2009 she served as a Mutual Fund Analyst at Morningstar where she conducted manager…

Over the past two years the Federal Reserve rose interest rates at a rate not seen since the 1980’s leading to some of the worst years for bond investors in history During October 2023 the US Treasury 10-Year yield breached 5% for the first time since 2007 a significant increase from the 06% yield experienced during the height of the pandemic Rising interest rates have a significant impact on a…, Published November 2023

Your life in retirement has the potential to exceed the life of your career Think about that That’s very different than the generations before us Having a plan — both a financial plan and a plan for how you plan to spend the next 30+ years — has never been more important People with a plan are not surprisingly significantly more satisfied in retirement, What does retirement mean for you, Depending on the person retirement is a word that can trigger positive or negative emotions Work as we know it can be complex and include long days travel and conflict It can also feed your soul with opportunities for accomplishment social interaction and financial benefit If you find work to be frustrating and stressful disconnecting from that experience can be a positive Conversely leaving a…, Transitioning to retirement can feel overwhelming without a plan, The transition to retirement has become even more complicated over the past couple of decades with the replacement of pension plans (which provide steady income for life by employee-funded deferred compensation plans (which place the risk of market volatility on the retiree Similarly the reduction in medical benefits and increased healthcare costs have left many retirees wondering how to manage…, 3 keys to achieving retirement satisfaction, Since the beginning of the pandemic a surge in the number of Baby Boomers announcing their intent to exit the workforce before age 67 has occurred (Baby Boomers are individuals who were born between 1946 and 1964 The exit of Boomers has been inspired by increased wealth through asset growth in businesses investments and housing Many individuals view the current environment as an opportunity to…, Planning, Research has shown thinking about retirement and engaging in planning positively impact retirement satisfaction 4  Retirement planning provides an opportunity to test financial readiness and consider potential life changes that can increase expenses Including trusted advisors in the process such as a financial planner or accountant can provide an objective voice and professional expertise as you…, Wealth and companionship, According to research individuals with higher income higher net worth and a spouse or partner are more likely to achieve satisfaction However even when controlling for income net worth and relationship status retirement planning does have a positive impact on life satisfaction in retirement 5  Research also indicates that retirement planning positively impacts satisfaction even in cases where…, Community and purpose, Although financial stability is an important factor in achieving retirement satisfaction research has shown that non-financial factors such as socialization community and individual purpose should also be considered, Considerations for a holistic approach to retirement satisfaction, Evaluate and organize personal resources (such as assets income savings Social Security Anticipate health care costs and resources such as Medicare supplemental insurance and long-term care Plan for the future cost of living and the impact of inflation Think about what creates meaning and purpose for you – What activities will provide you with joy and a sense of accomplishment Create a social…, Published January 2025, [1] http//www100yearlifecom/the-book/ [2 ] https//wwwforbescom/sites/bobcarlson/2019/02/21/the-one-factor-that-determine-if-your-retirement-will-be-a-success/sh=63eb37a46909 [3] https//wwwsciencedirectcom/science/article/abs/pii/S1057081099000360via%3Dihub [4] https//wwwsciencedirectcom/science/article/abs/pii/S1057081099000360via%3Dihub [5] https//wwwsciencedirectcom/science/article/abs/pii/…

Each new season brings the possibility of new adventures and milestones such as engagements children and grandchildren and career opportunities Although such events may be unforeseen at this time one thing that we know is we are continually moving towards the next stage of our lives For many it will be retirement which has the potential to be longer for us than past generations When the Social…, Given increased longevity and improvements in health today’s retirees have a greater number of lifestyle options that may be difficult to choose from Studies have shown that modern day retirees are seeking activities that they find fulfilling such as mentoring or starting a business versus activities that just fill their time during the day Although many look forward to a life of leisure and…, Define who you want to be in retirement, Mindfulness and reflection on the activities you like and dislike are helpful in forming a vision and setting goals to become who and what you want in retirement In our youth we spend time figuring out what career is right for us Similar thoughtfulness should be used as we prepare for increased longevity, Determine if your employer is open to new ideas, Is your employer open to you proposing new ways for you to add value on your terms There are cases where retired teachers have become tutors carpenters have become instructors and executives have taken non-profit assignments sponsored by their companies The opportunity to have the role you desire may have to be proposed by you, Consider volunteer work, If you are seeking volunteer work but are unaware of organizations that share your interests here are a few to consider, United Way of Metropolitan Chicago, You can use the volunteer portal to search for individual volunteer opportunities throughout Chicago neighborhoods, Cradles to Crayons,  (Chicago and , Bernie’s Book Bank,  (Lake Bluff Both of these organizations offer simple turnkey volunteer opportunities sorting and preparing donated goods in warehouse settings, Chicago Cares, This organization matches volunteers with opportunities to serve If you are looking to make a deeper dive via one-on-one mentoring , Chicago Scholars,  and , One Million Degrees,  are excellent options Your retirement can become the new adventure you’ve always dreamed of Its never too soon to start thinking about what your unique experience will be, Published January 2025, 1 http//www100yearlifecom/the-book 2 https//wwwprnewswirecom/news-releases/half-of-mature-us-workers-will-wait-until-at-least-age-70-to-retire-or-wont-retire-at-all-300432256html Some Mesirow employees serve on the non-profit organizations named here