If you’ve been following the celebrity gossip pages lately, you couldn’t have missed all the news about Barbie and Ken. It’s been a busy year for America’s favorite dream couple. This past Valentine’s Day, Ken successfully wooed Barbie back into his arms after spending seven years apart—all it took was a multimillion dollar advertising and social-media campaign, a Justin Bieber-inspired makeover and a starring role alongside his leading lady in an Oscar-nominated feature film. And this month, Ken turned the big 5-0. Despite the fact that they look as though they’re forever young, Barbie and Ken are approaching their golden years and with that milestone comes a new set of financial considerations that are important for them to think about, especially before they tie the knot.
We thought we’d have some fun thinking about some of the tough questions Ken Carson and Barbara Millicent Roberts would need to answer before co-mingling their finances (and if they were real, of course):
Is the dream house or Barbie glam convertible still necessary? Now may be the time to downsize in favor of smaller living arrangements that are more manageable and offer greater accessibility. If they’re not ready to give up the convertible just yet, they may want to think about at least adding another more practical vehicle to their fleet. If you consider the wardrobes alone that they both have, it may be time they think about repositioning assets to be more conservative in their spending.
How long do they each want to continue to work? With Toy Story 3, Barbie and Ken’s movie careers seem to have taken off, but they should still ask themselves how much longer they envision earning a living verses living off the assets they’ve already accumulated. How much income do they need to support their jet-setting lifestyle? Whether they continue acting or take up one of the many other careers they’ve dabbled in (ala Veterinarian Barbie or Dentist Barbie), knowing that figure will help them target the amount of investment savings they’ll need to have to support the lifestyle they’ve grown accustomed to.
Are they protected with long-term care insurance? If they don’t have long-term care insurance, now is the time for Barbie and Ken to consider it – while they’re relatively young and in good health. Getting married at age 52 and 50, respectfully, is another reason to think about coverage. Barbie and Ken will very likely be each other’s primary caregivers if either one of them becomes ill or disabled in the future. Long-term care insurance will ensure that they can receive the type of care they’ll want and need without being a financial or physical burden on one another. If god forbid their marriage doesn’t last (perhaps Barbie meets another Blaine), the insurance will also provide critical protection should they ever need to divide up their assets.
Who are their heirs? Since Barbie and Ken don’t have children, they should think about who they will gift or transfer their estate assets to after they are gone. While not fun things to think about, wills, power of attorney and healthcare directives are all important things to work out now so that there’s no confusion later on among friends and loved ones.
Of course, these are just a few of the many financial considerations Barbie and Ken will have as they officially begin their life together. What other things do you think they should keep in mind?