Winter 2012 | Volume 110 | Number 662

Live, Give, Grow: Finances

Photo Credit: Ocean Photography/Veer; Tetra/Glow Images

Marriage and Money

How candid are you with your spouse about finances? A recent poll by the National Foundation for Credit Counseling (NFCC) found that almost 1 in 4 respondents (24%) would not tell their husband or wife about a financial problem, fearing it would worry the spouse, damage their relationship or be an unwelcome surprise.

"Even if well-intentioned, withholding financial information from a spouse is not a sign of a healthy relationship, either emotional or financial," says Gail Cunningham, spokesperson for the NFCC. The organization suggests spouses set aside a time to discuss such issues in a calm, honest, open-minded way.

Source: National Foundation for Credit Counseling

Retire at 65? Nope!

As appealing as retirement can look, older Americans who continue to work for pay, either full time or part time, after age 65 report better emotional health than those who don't. Researchers aren't sure why. It could be the extra money, the chance to socialize and interact with coworkers, the feeling of being needed or some other factor. "While continuing to work may be a financial necessity for many, it appears the benefits of being employed after age 65 go beyond material advantages," researchers say.

Source: Gallup

76% to 45%

That's the share – 45% – of banks and credit unions that now offer free checking, according to a new survey by Bankrate.com. That represents a big drop from two years ago, when 76% of financial institutions provided free checking for non-interest accounts. Meanwhile, fees and minimum balances are on the rise, with banks and credit unions requiring an average balance of $5,587 (an increase of 43.9%) to avoid a monthly charge.

To keep your banking affordable, evaluate your needs and banking habits against your bank's fees; you may need to combine accounts or consider a switch.