Time to Review and Clean Up Your Finances

Ahh… It’s that time of the year when all of us are thinking about the beautiful spring and summer approaching. We work on sprucing up our yards and getting our houses in order. Isn’t it time we did the same for our finances?

Have you considered that this would be a good time to reassess the financial plans you have in place and perhaps replace them with some new and innovative products now on the market?

What seemed great 10 years ago may now be dusty and outdated. You owe it to yourself to see what is new in retirement planning, re-evaluate your strategy and make your nest egg more secure.

Let’s think a moment – 20 years ago the battery for your mobile phone looked like a small backpck. The cost was over $100,000 and the only think it did was make and receive phone calls. Today your smart phone is like carrying around a pocket-sized laptop with all of its capabilities. The same is true of the investment market. New products can help you avoid the vagaries of the stock market and provide you living benefits and financial security in your retirement.

When evaluating your financial plans here are some questions to ask yourself:

1. Does your retirement account protect you from loss if the S&P market drops?

2. When you begin liquidating your retirement account does it give you guaranteed lifetime income that you can’t outlive?

3. Does your current retirement plan have monthly income double up should the need for long term care arise?

If you answered no to any of these questions you could benefit by learning more about the financial products available today. When it comes to retirement, we all have different reasons and stages in our lives that we need to consider.

Whatever financial plan you have, make sure it covers these three critical things. What if you live too long? Will you outlive your money? If you die too soon, is your family covered?

And between living too long and dying too soon, what if you suffer a chronic or critical illness? How do you pay for that? Make sure your insurance plan addresses these issues.

The coverage you get should also be appropriate for your stage of life, thinking about wills, living trust, probate. Do you want a tax free retirement and death benefit for your family?

I hope the information provided is helpful in planning your financial spring cleanup!

For more information or to schedule an appointment, please call to speak with Shirley Luu at 703-608-1203.