What is your fear, financially? Saving enough for retirement? Credit card debt? Peace of Mind for loved ones, in case something happens to you? Or is it as simple as paying the rent, or car payment, or putting food on the table?
For this blog, we'll focus on peace of mind and retirement. We can easily solve the peace of mind issue, with a combination of insurance and proper estate planning, or a simple will. We can simply take out enough life insurance (term or permanent is irrelevant for now). Sufficient life insurance strategies suffice the peace of mind for loved ones and family, in case the 'if' happens to you, prematurely.
The retirement issue is far more complex. The first move would be to reduce and eliminate debt, wasting money on buying stupid shit, and ramp up savings to at least an adequate level. First, as part of an evaluation with our agency and network of professionals, would be for us to listen and ask, "what type(s) of money do you have?" An example of this can be found at: What type of money do you have?
An important part of the consultation, evaluation, and analysis is learning the goals of the client. Ideas, creativity, and strategies of the professionals performing the analysis mean very little. The role of the consultant is to implement a strategy based upon those discovered goals. With Advocate Insurers, the client is the only thing, their goals are our goals.
We touch lightly on the retirement strategies here, and solving the Peace of Mind issue. But spurring the conservation, promoting interest, and inspiring individuals to think beyond today is the goal. Whether you believe it will take $1.7M to retire or not, the article from Allesandro Malito of Market Watch may open up dialogue that is uncomfortable for many in America. Check out her article below, by following the link.
Americans may have guessed the amount they need to save for retirement — but they’ll probably never get there (via Alessandro Malito of Market Watch)
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