Money Talks News may earn commission or revenue through links in the content below. Our editorial team independently selects all products. Compensation does not influence our recommendations.
Former first lady Jill Biden says the best money advice she ever got came from her mother, and it fits in one sentence.
“You always have to have your own money,” Biden said, recalling her mother’s advice on a Sept. 30 episode of Jean Chatzky’s HerMoney podcast, tied to her memoir, “View From The East Wing.” (1)
She also explained why she kept teaching: “And also, I wasn’t about to start asking Joe for money. I mean — what, after all these years?” (1)
Forget the politics. I’ve been a CPA since 1981, and I was executor of my parents’ estate. This is some of the soundest advice a married woman can hear, and the numbers back it up.
According to Social Security’s own life tables, a woman who reaches 65 can expect to live about 20.7 more years, compared with about 18.1 for a man. Roughly 35% of women who reach 65 live to see 90, versus about 24% of men. (2)
In plain English: many wives will someday manage money alone. And when a spouse dies, an “it’s all in his name” setup can cause trouble. AARP reports that grieving spouses sometimes find their credit cards canceled, even when they were authorized users. (3)
Here are five ways to follow Biden’s mom’s advice, whether you’ve been married five years or 50.
1. Get at least one credit card in your own name
Being an authorized user on your husband’s card is not the same as having your own credit.
If his name is on the account, the account can close when he’s gone. AARP suggests keeping bank accounts and credit cards in your own name, with your spouse as an authorized user. (3)
Apply now, while you’re both healthy. Use the card for something small and pay it off each month.
2. Open a bank account in your own name, and name a beneficiary
Your own checking or savings account is the simplest form of financial independence. It’s money you can reach the day you need it.
Add a payable-on-death beneficiary when you open it. The FDIC treats payable-on-death accounts as trust accounts and insures them at $250,000 per beneficiary, up to $1.25 million per owner at the same bank. (4) Single accounts with no beneficiary are insured to $250,000 per owner at each bank. (4)
You don’t need a fortune in it. You need enough to cover a few months of bills on your own.
3. If you’re not earning a paycheck, use a spousal IRA
Plenty of women step away from paid work to raise kids or care for a parent. That doesn’t have to mean stepping away from saving.
The IRS lets a spouse with little or no income contribute to her own IRA, as long as the couple files jointly and the working spouse has enough taxable compensation to cover both contributions. (5) For 2026, that’s up to $7,500, or $8,600 if you’re 50 or older. (5)
That’s an account in your name, growing for your retirement, no permission slip required.
If you have $100,000 or more saved and aren’t sure how to split it between your accounts and his, a service like SmartAsset can match you with up to three fiduciary advisors, who are legally required to put your interests first. It’s free to use.
The questionnaire takes about 10 minutes and asks for a phone number near the end, and you decide whether and when to respond to anyone.
SmartAsset only makes the match; the advice comes from the advisor. See if you qualify for a free match.
One thing before we keep going — the financial world is louder and dumber than ever. Hot takes everywhere. Almost none of it is worth your time. I’ve spent 35+ years cutting through the noise so you don’t have to. Sign up for the free Money Talks Newsletter — 10 seconds, no spam, just the stuff that matters.
4. Know your survivor math before you need it
Here’s a Social Security rule that can catch widows off guard. If you qualify for a survivor benefit and your own retirement benefit, the payments “won’t be added together,” according to the Social Security Administration. You choose the one that’s best for you. (6)
For a two-check household, that means one check disappears when a spouse dies. The bills mostly don’t.
Sit down together and figure out how you’d pay them on one Social Security check plus your savings. If the answer is “we can’t,” life insurance can fill that gap for a spouse who still depends on the other’s income.
If anyone depends on your income — a spouse, kids, even a mortgage cosigner — term life insurance is the cheapest way to protect them. And it costs less than most people think, especially if you lock in a rate now: premiums rise with every birthday.
Money's Life Insurance Comparison shows quotes from top insurers side by side in minutes — free, with no obligation. Rates for identical coverage can vary widely, so comparing pays.
5. Have your own will, and know where everything is
Having your own money isn’t just about having an account. It’s about knowing what you own, where it is and who gets it.
Anyone who has served as an executor, as I have, knows how much easier the job is when the paperwork is in order and somebody knows where it is. Make a list together: every account, every policy, every login, every advisor’s phone number. Keep it updated.
Then make sure each of you has your own will. A will is the document that says who gets what. If you’ve been putting it off, an online service can make it a short job.
When you’re gone, your problems vanish — but your family’s nightmare is just beginning. Without a plan, courts decide everything, probate drags on for months, and loved ones are left guessing. Shield them with a will, a trust or both — today.
A will locks in exactly who gets what — yours in minutes for $199. A trust goes further, controlling how and when heirs inherit, starting at just $499.
My take
You don’t have to agree with Jill Biden’s politics to agree with her mother.
Having your own money isn’t a sign that a marriage is in trouble. It’s a sign that both people in it are adults. My read: couples weather a death or a divorce better when both partners already know how to pay the bills.
So open the account. Get the card. Fund the IRA. Then go back to sharing everything else. Love is a partnership. Your credit report is a solo act.
Sources: 1. HerMoney; 2. Social Security Administration (Period Life Table); 3. AARP; 4. FDIC; 5. IRS; 6. Social Security Administration (Survivor Benefits)
Add a Comment