Financial Planning Crucial for Changing Family Landscape
These "stay-at-home" dads are becoming more prevalent everyday, yet financial advisors warn that fathers who make a transition to staying home while the spouse works should adequatly plan, if he is able to, for this new environment.
The rules really aren't very different from those that most of us still use when a wife stays home to raise the children while the husband goes to work, yet experts say these rules often are overlooked when roles reverse.
The IRA is the most crucial financial tool because it encourages long-term financial planning. Another part of the mix is adequate life insurance.
Also recommended for peace-of-mind are separate savings and checking accounts so that the man feels independent from the power of a working wife, as well as protection in the event of divorce.