What's your financial literacy I-Q?

3:02 PM, Apr 8, 2013   |    comments
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GOLDEN VALLEY, Minn. - If something happened to your spouse or partner, would you and your family be financially protected? 

A new report from the Corporation for Enterprise Development shows 24 percent of Minnesota families don't have adequate savings to survive for three months if faced with a sudden loss of income.

April is financial literacy month and Shannon King, with the Financial Planning Association of Minnesota, joined KARE 11 News @4 with a checklist of what families should do when it comes to financial literacy.

Shannon says these are the questions you need to discuss with your family.

  • Do you have an up-to-date will?
  • Do you know the primary and contingent beneficiaries for your retirement accounts and life insurance?
  • Have you reviewed your investment mix in the past 12-months?
  • If something happened to you, would your family know where to find all of your needed financial information?

Shannon King can be contacted at SilverOak Wealth Management in Edina.

(Copyright 2013 by KARE. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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