Do you have a goal to leave a sizable legacy to your children, grandchildren and other loved ones? Maybe you want to leave an inheritance that your grandchildren could use to pay for college. Or perhaps you want to leave a nest egg for your children to use to fund their retirement. Whatever your specific objectives, it’s natural to want to help those who are closest to you.
However, you may have found that funding retirement is a bit of a challenge. Perhaps you’ve relied on debt to fund living expenses or pay for things like medical bills. Maybe you’ve used credit cards or even refinanced your home. Or it’s possible you might have co-signed loans for your children or other family members.
Risk management is the foundation of any solid financial plan. It takes only one sizable risk to threaten your ability to reach your long-term goals. You probably have strategies in place to protect you from a wide range of risks such as medical issues, accidents, home damage and even death.
There may be one risk, though, for which you haven’t prepared. It’s the risk of disability. Many people associate disability with injuries caused in accidents. It’s true that some disabilities are caused by workplace injuries or other accident-related issues. However, the truth is that many different issues, including chronic ailments, serious diseases and much more, can cause disability.
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