Financial Health, what does this mean as we travel towards and into our retirement years?
We strive to preserve and improve our physical, emotional and cognitive health as we age but many individuals often wait until later in life to address some of the most critical aspects of their families’ financial health.
Do you have life any insurance? If not, have you thought about if is there enough money readily available for your family to pay off the mortgage, replace your income, repay any debt, or have you saved money for your children’s education and more importantly sane enough money for your retirement? Life Insurance could is one investment in your life that could help bring you and your loved one peace of mind and address your financial needs and obligations.
In addition, questions to ask and answer: Do you have a will? Do you have a Health Power of Attorney? Have you titled your accounts with the current beneficiaries?
Or as part of your Estate planning have you considered the use of an irrevocable and or charitable trust to address your potential Estate tax exposure?
Long Term Care Planning: Do you have a stand alone LTC policy or a LTC rider on your life policy? Do you know what’s covered and not covered for LTC on your Medicare and Medicare Supplement or your major health coverage?
Life Insurance Review? Life Insurance is part of your financial portfolio and needs to be managed and reviewed at least annually for whole life and universal life policies and more often if it’s tied to the investment markets such as variable life and equity index universal life policies.
Business Owners: If partners are involved, do you have a buy sell agreement in place that designates and funds the resolution with partners stock and families in case of death? If you have key employees, what happens if there is an untimely death? Do you have plans to retain employees? Do you have retirement plans in place?
A very important point to remember is after you have visited with professionals who can help guide you through the maze of planning, the plan must be managed. Life brings changes for all of us and many of these changes will make an impact in our planning: Divorce, Children, Grandchildren, Sale of a business, New Marriage, Unexpected death of a loved one, Retirement. These changes will happen and it’s important to review and revise your plan to make sure it adequately addresses your current situation.
These are all suggestions to keep your financial health in tact just like you want to stay physically, cognitively and emotional healthy and happy as we all continue down the journey of life!
Please call Debra Hoag at (312) 953-6299, email dhoag@gentrypartners.com or leave us a message and a member of our team will reply to ASAP.