3 Tips for Planning Ahead
While we all know age is just a number, it is important to plan ahead. We asked some pros for their advice when it comes to reverse mortgages, life insurance, and estate planning. If you have more questions, please feel free to get in touch – we’d be happy to connect you directly to our pros!
Peter Rueth, Reverse Mortgage Planner, The Rueth Team at Fairway Mortgage, on Reverse Mortgages:
A BIG misconception about HECMs is that they should only be considered when all other financial options are exhausted. But recent research by financial industry professionals Dr. Wade Pfau, Dr. John Salter, and Jamie Hopkins have found that early establishment of the reverse mortgage consistently led to a higher likelihood of retirement goal attainment than considering it as a last resort option. Every person has unique needs and goals and the reverse mortgage solution should be matched to support the uniqueness of each person’s financial goals.
Michelle Colaizzi, Agency Owner, Allstate, on Life Insurance:
Regarding life insurance, the most important conversation is making people aware of the need for life insurance. There are many reasons why. First and foremost is life insurance provides income protection for your loved ones in the event of your death. Life insurance also provides long term financial security and a legacy for those you leave behind. Finally, life insurance is a great way to save for retirement. The best time to buy life insurance is now. You are never going to be younger than today, and in most cases, you are not going to be healthier than today so the sooner you can sit down with a trusted advisor to get your “life” in order, the better you can sleep at night.
Michelle Colaizzi, Agency Owner, Allstate, on Estate Planning:
It is never too soon to start planning for retirement. After all, there are no scholarships for retirement.
You do not want to count on Social Security to finance your retirement and you definitely do not want to live with your children because you did not plan properly. Additionally, saving in a tax-deferred retirement account will reduce your income tax while producing a compound effect, providing a better return on your investment. It is best to sit down with a trusted advisor who is invested in you and can learn about your risk tolerance to offer the products that are best suited for you and your financial future.