Financial planning in your 70s takes on a new dimension, primarily balancing the need to maintain your lifestyle with the realities of aging. The following addresses the common challenges faced during this stage of life and strategies to help navigate them effectively. Manage Portfolio Risks One of the primary challenges people face in their 70s […]
In your 60s, the window for planning and preparing for a comfortable retirement is getting shorter. While many people intend to keep working during their 60s and beyond, developing a retirement mindset is important to help protect your finances from being vulnerable to a catastrophic setback. There are a few financial considerations to remember as […]
Understanding Long-Term Care Insurance (LTCI) Long-term care insurance (LTCI) is an insurance policy that specifically covers expenses related to long-term care services for individuals who face difficulties in carrying out routine activities due to aging, illness, or injury. Unlike health insurance, Medicare, or Medicaid, LTCI caters to services such as in-home assistance, full-time care, and […]
Individual Enrollment Opens on November 1st It’s that time of year again when you need to start thinking about securing your health insurance coverage for the upcoming year. The enrollment period for individual health insurance began on November 1st. This is a great opportunity to ensure you have the right coverage to protect your health […]
How Much Is Needed? There are a few steps you can take to understand how much disability coverage is needed for your given situation. While not exhaustive, this list can be a helpful starting point: Assess your income: Start by calculating your current monthly or annual income. Consider all sources of income, including salaries, wages, […]
As we near the end of the year, seniors in the United States need to focus on open enrollment for Medicare coverage. The open enrollment period for Medicare runs from October 15th to December 7th every year, and this is your chance to make changes to your Medicare coverage for the upcoming year. In this […]
Disability insurance is a vital component of financial planning and risk management, but it’s often misunderstood and overlooked. While Social Security disability benefits provide a form of disability insurance, it’s essential to understand that there are many types of personally owned disability insurance available. Consider this: the Social Security Administration estimates that one in four […]
In the past year, there has been a lot of discussion about the rising costs of in-home construction. This has made homeowners realize the importance of reviewing and potentially updating their homeowner’s insurance to ensure they have sufficient coverage. However, there is another tool that is equally significant but less talked about for those looking […]
Most people understand why life insurance is important to their finances – it shifts the financial risk of premature death from the policyholder to the insurance company. However, many people do not understand the types of policies and the protection they provide. So, let’s break it down by looking at two common types: group term […]
How Much do I Need? Determining the right amount of life insurance coverage can be a daunting task, as there are varying opinions on how much coverage is needed. Some professionals suggest 8x your annual income, while others recommend 12x, or even 20x. The maximum coverage life insurance companies usually offer is around 25x your […]