Managing Finances During Hardship
Difficult situations—like losing a partner, getting laid off, or having to close a business—are impossible to completely prepare for. Having a sound financial strategy can help you weather the storm and safeguard your assets.
Below are some solutions to managing your finances in times of hardship:
Natural Disasters: Take the time now, before the disaster hits, to get your financial documents in order. During this process, take pictures of valuables and dig out receipts, appraisals, and insurance policies. Review your homeowner’s policy annually and update when necessary. Make copies of the front and back of your credit cards and identification cards. Keep these documents in a fireproof safe.
Insurance Needs: Assess your insurance needs. Most people turning age 65 can expect to use some form of long-term care during their lives, according to the U.S. Department of Health and Human Services.1 One of the largest risks to funding retirement is the cost of providing long-term care for a loved one. Use a long-term care insurance plan to help you cover the cost so you can preserve your assets for your retirement. Disability insurance is also a valuable tool in covering costly medical expenses and replacing lost income during your working years.
If you’d like assistance managing your finances and planning for your financial future, please reach out at any time.
1 U.S. Department of Health and Human Services. "Who Needs Care?"
Long-Term Care Information. Administration of Aging, n.d.