I recently read an article in The Opinion Pages of the New York Times titled, Ignoring the Debt Problem. The piece ended with this sentence, “Take some advice from two observers who have been around for a while: The long term gets here before you know it.”
The authors of the article are Paul A. Volcker, a former chairman of the Federal Reserve and chairman of the Volcker Alliance and Peter G. Peterson, a former secretary of commerce and chairman of the Peter G. Peterson Foundation. Mr. Volcker is 89 and Mr. Peterson is 90.
When individuals of experience, financial knowledge and advanced age tell us that the long term gets here before we know it, I believe we should listen. Of course, it is not enough to listen. After all, plenty of us know what we should do. The rub is that we often do not do it.
Here are five areas of financial focus that you might want to think about.
Do you have good health care insurance?
Is your health care insurance sustainable?
Do you have a health savings account?
Do you have disability insurance?
Have you planned for the potential of being disabled?
Are you aware that roughly 1 in 4 people become disabled at some point in their life?
Have you planned for your retirement in earnest?
Are you following your plan?
Is your plan the best plan for you?
Will your plan truly meet your needs or are you just hoping?
Long Term Care
Do you have long term care insurance?
If you live long enough, have you planned for the help you might need?
Are you saving for your children’s college education?
Are you realistically saving enough?
Have you discussed college costs with your children?
Where among your financial priorities does saving for college sit?
Certainly, there are more areas of financial focus I could have listed. And, for each of the areas I did list, there are many more questions that may be asked. However, the purpose of this list is to get you thinking about the importance of planning. Things might seem daunting when we begin to create a list and ask questions. However, by focusing, asking questions and creating a plan, we can work to overcome the challenges life has to offer.
Think about this list and begin to make a plan. Seek out the guidance of a qualified financial professional if you believe that will benefit you. Remember what Messrs. Volcker and Peterson said, “The long term gets here before you know it.” Even if you feel you are late to the planning game, better late than never. Action taken now can pay dividends in the future. Do not delay. Take action today!
Scott McGimpsey November 1st, 2016
This material was prepared by Scott McGimpsey and does not necessarily represent the views of the presenting party, nor their affiliates. All information is believed to be from reliable sources, however, we make no representation as to its completeness or accuracy. Neither Summit Brokerage Services Inc. nor Scott McGimpsey is engaged in rendering legal, accounting, or other professionally services. If such assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any federal, state, or municipal tax penalty. Moreover, a diversified portfolio does not assure a profit or assure protection against loss in a declining market. UNIFIED PLANNING GROUP is an independent firm with securities offered through Summit Brokerage Services Inc., Member FINRA, SIPC