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Top Financial Items to Consider for Your Family by the Age of 50

Do I have a financial plan today, built to withstand the uncertainty of tomorrow? A common question retirees face as they navigate the ebbs and flows of today’s market. Since the early 2000’s countless individuals have been working to plan for a better future. Families want to know their financial plan will protect them and their loved ones even during life’s hardest moments. What happens in the event of a catastrophic illness? Loss of a loved one? Change in financial standing? Or when the roller coaster of today’s market negatively or positively impacts your current investments? These questions continue to be at the forefront of today’s investors, and I am going to address why they are so important, especially today.

The environment today has provided many of us a new perspective. We are still at the heart of a Global Pandemic. We are consumed with social media in a way that makes us aware of outside factors, more than we have ever known it before. We understand now more than ever that without a sound financial plan, our lives could significantly be impacted in ways we never thought imaginable. Health care costs are rising, rumors of future tax hikes are brewing, and the market is continuing to keep us guessing at which direction it will be moving. These circumstances have made us realize sound financial advice makes the world of a difference, especially as the unknowns of today continue to keep us guessing for tomorrow.

The question becomes “why are these topics so important? I will share with you an example. Let’s take a 27-year-old, whose father was diagnosed with Alzheimer’s disease at the age of 60.  That same 27-year-olds mother was a stay-at-home mom raising five children. Before father was diagnosed with Alzheimer’s, he provided the income for his entire family. As one can imagine, this put a ton of pressure on mother, and would raise the question for all of them – What does our future look like now? For some, this might mean the loss of your home, loss of income, loss of financial stability… But for this mother it meant going to work at the local grocery store to make ends meet, and in turn having to now provide for the entire family at a much-reduced income. This is an example of how a  family’s life can change quickly, and how this devastating circumstance can create a stressful financial environment. This in fact, is a true story, based on my own life as a 27-year-old daughter.

What many of us have learned through these hard situations, is that nothing is for certain. It tells us today how important it is to plan for tomorrow’s uncertainties. It’s important that a financial plan addresses more than just a dollar amount listed on our account statement, and especially that it addresses some of life’s most challenging moments. These are all reasons why planning for “What could be” has never been more important. Which is why, we need to take the following items into consideration, as we address our current financial situation. Here are some things to consider that have helped my family along the way:

  • Don’t rule out Life Insurance:
    1. Tax Free Legacy for our loved ones.
    2. Tax Free Retirement Income for our families.
    3. Home and long-term care benefits to protect us.
  • Have a plan that address’s all of life’s circumstances
    1. Insurance for an unexpected loss.
    2. Proper estate planning for your beneficiaries.
    3. Sustainable long-term investment planning.
  • Chose a well-diversified portfolio
    1. Diversified investments for all market environments.
    2. Asset classes that differ in style and performance.
    3. Proper investment distribution strategies for all market scenarios.
  • Will what we are saving now be enough to support our retirement?
    1. Does it protect against future health care costs?
    2. Does it protect against future taxes?
    3. Does it protect against rising inflation?
  • Maximize income sources:
    1. Seek advice on the best time to file for Social Security.
    2. Strategically plan for when to draw different income sources.
    3. Consider an income stream we can’t outlive.

It is important we create the financial future that protects us from life’s unexpected moments. As we navigate the ebbs and flows of retirement, finding the right financial plan provides us the confidence we need, to fulfill our long-term goals. At Bussenger Financial Group we help countless individuals retire with confidence and provide families with the right financial plan for long term success. We know that planning today, will only help us withstand the uncertainties of tomorrow. As that 27-year-old who learned the hard way, my family knows the feeling of life’s unexcepted moments. Let us help you create the financial freedom, that protects your family for years to come.

If you have any questions about the information provided, please call our office at 224-655-2426. We would be happy to provide you a consultation and analysis on your current finances, including opportunities for today, and in the future.