My clients have one thing in common. They’re all looking for ways to save and grow their money while providing financial protection. Whether it’s a young family finding ways to save for their children’s education or a business owner wondering if they will ever be able to retire, we work together to identify solutions to meet their financial goals. Often that means protecting their loved ones today and in the future.
Life is filled with surprises. Car and workplace accidents, job loss, relocation, real estate market fluctuations, illness, disability, and death can change your future quickly.
How would you pay your mortgage and living expenses if you lost your job?
Do you have enough retirement savings?
What would you do if your spouse died?
These questions and more are the ones I help answer for my clients.
Financial plan. There’s a myth that you have to have a lot of money to have a financial plan. That’s simply not true. You begin a financial journey the moment you start earning money and open a bank account. Whether you’re saving for your first car, a wedding, new home, or retirement, a financial plan is essential to protecting your assets and, more importantly, your family.
Annual review. Knowing you have a will stashed in a filing cabinet in the garage and that you’re participating in your employer sponsored retirement plan aren’t enough to protect your family in the event of loss. Take time annually to review your retirement savings, insurance, and estate plan with professionals who can advise if changes need to be made.
This includes a review of beneficiaries.
All too often people find out money they thought was left to them as a beneficiary on an account or real estate isn’t actually theirs. The ex-spouse or other person is named as beneficiary. Your loved one may have forgotten to change the name on an account.
Don’t make the same mistake.
The retirement plan from your former employer? Don’t forget to check the beneficiary. Your current accounts? Check those too. You can never be too prepared.
Disability Insurance. What would happen to your family if you were injured and unable to work? This is an important question especially if you or your spouse have jobs that involve a fair amount of risk. Many families would not be able to survive financially if one income earner was injured. When you have disability insurance, you may be able to collect 45-65% of gross income of the injured person. While this may not cover all expenses, it is better than not having any income.
Life insurance. Many families need the income of both spouses to cover living expenses and savings. Loving your family means thinking about their well-being in the event of your death or that of your spouse. If one of you were to die, your family would have the confidence in expenses like mortgage, car payments, daily expenses, and college savings for children were covered. Keep in mind that the insurance your employer offers may not be enough. You may need additional coverage.
Long-term care insurance. As much as many of us don’t want to admit it, we’re all getting older and at some point may not be able to care for ourselves. Long-term care insurance provides coverage for expenses not covered by health insurance, Medicare, or Medicaid. There is confidence in knowing that you and your loved one receive the care you deserve as you age.
You may feel like your employer has you and your family covered in the event of illness, injury, or death but that may not be the case. Seek the advice of a financial professional who can review current coverage and create a financial plan that protects your family the way you want them to be protected.
Are you ready to discuss your financial goals with Gilbert, Arizona's Most Successful Dave Ramsey Smartvestor Pro?
East Valley Smartvestor Pro Financial Goal Planning and Retirement Planning Advisor. Serving the East Valley Region of Greater Phoenix area. Watch the video of your city below.
Chandler, AZ: Your Dave Ramsey Smartvestor Pro
Queen Creek, AZ: Retirement Financial Goal Planning
Mesa, AZ: Saving for Education with 529 Plans
Tempe, AZ: Women, Pensions, 401k & Divorce