In many relationships, one person naturally takes the lead on managing the finances, paying bills, tracking investments, and coordinating with the advisor, while the other is happy to stay on the sidelines. The other partner may not be disinterested, but they’re not exactly drawn to spreadsheets or financial planning conversations either. 

And for the most part, that division of labor works just fine. But what happens if the person who usually manages the finances can no longer do so? 

Whether due to illness, cognitive decline, or death, the less-involved spouse may suddenly need to step in. And in retirement, when your income, healthcare, and legacy planning all depend on having a clear financial strategy, it’s important that both partners understand the basics, even if only one of you has an interest in the details. Beyond that, cognitive decline is a growing concern as we age.