I can’t count the number of conversations I’ve had in recent months with clients, family members, or friends who are adamant about paying off their mortgage as soon as possible. These aren’t just pre-retirees wanting to eliminate debt before retirement either. In many cases it’s Gen X clients or even Millennials who just want it gone.
Do You Need Life Insurance in Retirement?
As your retirement horizon draws closer, you may be wondering about the role life insurance plays in retirement.
Is it necessary? In what ways? How do you decide whether to extend your coverage of drop it completely? Is life insurance worth carrying into your later years?
In this post I’d like to explore the role life insurance may or may not play in your retirement.
5 Financial Tips for Starting 2019 On The Right Foot
A happy 2019 to you all.
I hope last year was a great one for you, and that you’re looking forward to this new year, with the chance for new beginnings. I love starting fresh with the opportunity to set new goals and priorities.
To that end, I’d like to share 5 financial tips worth considering as you think about how you might want to tune-up your financial life this year. These are just suggestions, but in the many financial conversations I’ve had with others, these five points hit on resolving some of the biggest financial concerns I hear when I talk with others.
I hope you enjoy my latest (and first!) post of 2019.
Where Do Your Kids Fit In Your Financial Plans?
When Eleanor joined our family, we had a lot of financial things to consider. How will having a child impact our budget? Which expenses would increase or be new? (Some answers: food, health insurance, and diapers, diapers, diapers).
In my planning mind the bigger question was how were our financial priorities changing? Kellie and I started thinking about saving for Eleanor’s schooling through a college savings plan. But did saving for Eleanor’s college trump or impede our other financial priorities?
Regardless of what stage your family is in (growing, maturing, or empty-nesting) it’s important to think about the financial implications of these different stages even if they feel far down life’s road.
Doing so can help you anticipate the changes that will inevitably come and make better financial preparations for the future.
Why You Should Stay Away From Indexed Universal Life Insurance
Financial products come in a wide variety of “flavors.” With life insurance, you can get coverage that is very plain vanilla, like a fairly simple term or whole life policy, or you can add layers and layers of nuanced features--as with Indexed Universal Life Insurance, or IULs. But my experience with IULs has taught me that the devil is in the details.
Here is a quick rundown of IULs and why you should stay away from them.