When you’re building a life for your family, you’re also building their future. But without a solid plan, you leave their security to chance. A strong plan is the best way to protect everything you’ve earned and provide a secure foundation for generations to come.
Here are six key areas to think about:
Life Insurance: It’s a tool for both now and later. Yes, it protects your family if you pass away, but some policies also let you build up cash that you can use for other expenses. The right policy can build up tax-free money that you can use for big life events, like your kids’ college or your own early retirement.
Disability Insurance: Your ability to earn an income is many people’s most valuable asset. What if you couldn’t work because of an injury or illness? Disability insurance is your safety net. If you get hurt or sick and can’t work, this insurance replaces your income so your family doesn’t have to worry about bills.
Health Savings Account (HSA): This is one of the best ways the government lets you save money on taxes. You can put money in without paying taxes on it, let it grow, and then take it out tax-free for medical costs. It’s a great way to save for health bills, especially in retirement. Talk with us about ideas on how to maximize your HSA.
Outrun Inflation: Prices are always going up. Your money needs to be growing faster than the cost of living, or you’ll be able to buy less with it in the future. Stuffing money under the mattress isn’t going to cut it if you want to beat inflation! Plan on how to grow your wealth and stay ahead of the curve.
Plan for a Long Life: We all hope to live a long time, but will your retirement savings last? As retirement nears, you need a new plan for your money. Moving from SAVING to SPENDING requires a different mindset. It’s important to figure out where your income will come from in retirement and make sure it won’t run out.
Get a Financial Umbrella: An umbrella policy can be the best umbrella you can have during the storms of life. An umbrella policy is extra insurance that sits on top of your car and home insurance. It’s like a shield that protects all of your savings and assets from big lawsuits or financial storms.
Your financial future starts with a plan. Let’s talk about how we can help you build one that stands the test of time.
The cost and availability of disability insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving insurance, it would be prudent to make sure you are insurable. As with most financial decisions, there are expenses associated with the purchase of disability insurance. All guarantees are based upon the claims-paying ability of the issuer.
The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure you are insurable. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges; if a policy is surrendered prematurely, there may be surrender charges and income tax implications. Any guarantees are contingent on the financial strength and claims-paying ability of the issuing insurance company.
Life insurance permanent policies contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Accessing cash values may result in surrender fees and charges, may require additional premium payments to maintain coverage, and will reduce the death benefit and policy values. Loans are income tax free as long as policy is not a “modified endowment contract” (MEC) and policy must not be surrendered, lapsed, or otherwise terminated during the lifetime of the insured, and withdrawals must not exceed cost basis. Partial withdrawals during the first 15 policy years are subject to additional rules and may be taxable. Excess policy loans can result in termination of a policy. A policy that lapses or is surrendered can potentially result in tax consequences. You should consult a qualified tax professional for tax advice on your own personal situation. All guarantees are based upon the claims-paying ability of the issuer.