Today's Hack

What are those financial decisions you should be making now? It might seem unnecessary at the time, but you’ll be glad you handled it when the need arises.

Other Retirement Facts:

There are a lot of things that don’t feel important, until you suddenly need them. What items do you need to be thinking about now, before it’s too late? On today’s podcast, Phil talks through the four things you want to take care of sooner rather than later.

No one wants to think about their wills and trust because it’s not a fun discussion to have. But you want these documents in place for when the need arises. It isn’t hard to do this, but it does mean making decisions now so that your loved ones aren’t left in a difficult situation. Your financial advisor can help you think through some of the decisions, but work with an attorney to set up the legal side of it right.

Long-term care insurance is costly, but statistically there is a good chance that you or your spouse will need long-term care. How are you going to pay for it? Guarding against those costs may feel like a waste of money, but if and when you need the care, you’ll be glad to have it. As we live longer, we often need more care.

Do you have life insurance to cover you? Have you run the numbers for what happens when a spouse passes? Life insurance can come into play to help if you have kids in school or need to pay off your mortgage. But what about if you’re already retired—do you need life insurance in retirement?

What are your lifetime income streams? Pensions and Social Security are the big ones, but you want to maximize your benefits as you choose when and how to take them. You might want to add in annuities. Do you understand how it plays out in your overall financial plan?

It’s important to have these conversations, even though you think (and hope) you won’t need any of this until far off into the future. Meet with your financial advisor to see what you should be taking care of when it comes to the things that matter.

Listen to the entire episode or skip ahead using the timestamps below.

[0:25] – What’s lake life like for Phil?

[1:24] – What doesn’t matter financially?

[2:55] – Legal documents are important.

[6:18] – Guarding against long-term care expenses.

[10:45] – Do you have life insurance?

[12:26] – What are your lifetime income streams?

A Quotable Moment:

“None of us like to think that we’re going to need that kind of care…but the reality is, we’re all living longer. Unfortunately, the later stages of your life, you probably need some help: physically, maybe mentally.”

-Phil Putney

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