We are all growing older. If we are blessed with old age and the wisdom that comes with it, we will need to have enough funds set aside to sustain when we quit working, or when those who provide for us no longer can do so.
Many set aside funds in their workplace auto-deduction program that matches a little to what you contribute. This earns some interest, has fees and many times we let it sit there hoping it is growing enough to sustain us without taking that statement to a professional for guidance. Similarly, there is life insurance that was purchased long ago or a policy that comes out of your paycheck. HR is not a guide on these matters, and if you haven’t heard from the agent/broker that sold it to you, then they are not guiding you in your best interest either. An annual review is hugely vital to your financial health.
If you are counting on your retirement and life insurance that auto-deducts from your paycheck to be all you need then you may have the mentality toward your financial future similar to cash back through credit card purchases being all the savings plan you need. It’s time to get together in person or by phone and work on your strategy.
If you are young and have never created a plan, middle-aged (like myself) and need to re-create your plan, or in a renewing/retiring season and want to be sure you have the best counsel, then I believe we should talk. Are you a reader and want to develop a new mindset toward finances and relaunch this aspect of life? I recommend “Money and the Prosperous Soul: Tipping the Scales of Favor and Blessing” by Stephen De Silva.
Give me a call, or call your agent/broker and get your questions answered and a full-on plan in place so that you can have a prosperous soul.
Blessings and hope to you,