Things That Don’t Matter…Until They Do

Today’s Prep:

Certain financial documents might seem like they can be put off for now. But when you need them, it’s important to be prepared ahead of time! Do you have all of these things in place?

(Click the featured times below to jump forward in the episode)

Equipping Points:

What are some things we don’t think about until suddenly you need it? Things like fire extinguishers or fire alarms are things often just have and then forget about–unless suddenly they save us in an emergency. What kind of financial things are like this?

Legal documents like a will or power of attorney are never fun to put together. It is, however, relatively to simple to do–from using online forms to getting a lawyer. Have you gotten this all lined up? Once you need them, it’s too late to put them together! If something happens to you, does someone else know where these important documents are kept?

Do you have long-term care protection? The default for many people may be to self-insure, but what are your other options? Have you considered using your life insurance toward long-term care costs? Are you properly leveraging life insurance and building it into your financial plan?

Where will your lifetime income streams come from? If you have guaranteed income streams, you don’t have to adjust your spending each month. What happens if you deplete your assets? It goes away, whereas guaranteed income will continue to be there.

Do you have all of these things at the ready?

Listen to the entire episode or click on the timestamps below to learn more about these important things.

[0:47] – Let’s play a game!

[2:01] – Do you have legal documents prepared?

[5:06] Have you thought about long-term care protection?

[7:22] – What can life insurance do for you?

[9:03] – What sort of lifetime income streams do you have?

Today’s Takeaway:

You have to start treating life insurance as a different asset class, not just as an insurance policy.

-Eric Peterson

Related Resources:

Uncommon Sense in Financial Planning

Is This Retirement Fact or Fiction?

What Is Your Retirement Mindset?

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

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