Caregiving and Retirement Tips

PNC offers the following tips for those concerned about retirement and having the role of caregiver:

o Financial decisions are very personal and always involve considerations of individual values and priorities. But regardless of these very personal decisions, PNC’s message is that none of us ever really know what is going to happen to us from one day to the next and because of this uncertainty it is essential to protect the financial health of one’s self and family.

The “protection” of one’s self during the especially during the acquisition or earning phase of one’s life includes

• Ensuring any invested assets have a proper allocation and are well diversified,

• Consideration of insurance solutions to replace possible lost income or provide for disability, including: disability insurance, long term care insurance, which may include a hybrid insurance product that is a life insurance and long term care insurance and

• Providing for management of one’s own affairs during a time of incapacity through the proper titling of assets, powers of attorney and consideration of trust options that allow for another individual or corporate fiduciary to act as trustee on one’s behalf.

The “protection” of one’s family in the event of the unexpected includes:

• Having a current will and/or trust that allows for clarity on how to distribute assets at one’s death and

• The proper titling of assets so that they can pass easily to family members in the event of one’s death or incapacity,

• Consideration of insurance products, such as term or whole life insurance that can replace income in the event of death or for the small business owner allow smooth business succession and thereby preserving income for remaining family members.

PNC encourages everyone to look at their own financial health and estate planning documents every few years and certainly at or in preparation of any life changing events such as: birth of new child, marriage, divorce, or retirement.