Five Great Ways to Protect You and Your Family!

Five rather SIMPLE ways to protect you and yours! Families need to be looking out for themselves these days. It's been a rough financial decade for many of you.

1.  Learn! Read! By staying current in world and national news you will learn much. Just this morning I read that the Federal Reserve Chairman spoke last night about needing further regulation of the mutual fund industry. What can that tell you? Pull out your 401k statement and learn what you have in place! Work with your planner to see if changes should be made. Are you too aggressive? Do you understand what you own inside that 401k? Did you look at the fees?  

2.  Protect your family against an "oops".  An oops can be premature death, a disability, a job loss, etc. Now, even  I'm not an advocate of insuring EVERYTHING, but having a little bit of protection against as much as you can is a great feeling.  How can you do that? Do you have a group long term disability plan you can opt into at work? Can you purchase more term life insurance?  Do you even know how much life insurance you have? An oops can be devastating to a family.  

3.   Save! Wow has this country and generation forgotten how to save.  My 18 year old son is now saving inside a whole life insurance policy and a ROTH IRA. Very unusual and yes, inspired by me "making him".  When he's 40, he'll thank me profusely.  It's never, ever too late to start saving. Whole life contracts and ROTH's are two of the last few "not taxed later" plans left.  nd, in my opinion, they won't be around in a decade. Get them while you can.

4.  Focus on retirement! Even if you're 45, start laying the groundwork.  If you're there?  Look into products that offer guarantees that you can't outlive your money.  Look for ways to efficiently use your RMD. Look for ways to transfer wealth tax free to your grandchildren. It takes planning but you'll be happy when you're 85 and can reap the benefits.

5.  Buy liability coverage. Pull out that home and auto policy and check your limits of liability. If they're low and an oops happened in an accident, you could be wiped out. I don't care if your financial planner can get you 23% returns annually, one car accident that is your fault can wipe you out financially. For minimal dollars and a phone call to your agent, you can remedy that.  

6.  Always more to come.....  Contact me for help in the meantime.