Top Financial Items to Consider for Your Family by the Age of 50: Bussenger Financial Group

DEER PARK, Ill., Sept. 2, 2021 /PRNewswire/ — "Do I have a financial plan today, built to withstand the uncertainty of tomorrow?" A common question retirees face as they navigate the ebbs and flows of today’s market. Since the early 2000’s countless individuals have been working to plan for a better future. Families want to know their financial plan will protect them and their loved ones, even during life’s hardest moments. What happens in the event of a catastrophic illness? Loss of a loved one? Change in financial standing? Or when the roller coaster of today’s market negatively or positively impacts their current investments? These questions continue to be at the forefront of today’s investors, and it’s important to know how to overcome them.

The environment today has provided many a new perspective. The world is still at the heart of a Global Pandemic. Social media continues to consume countless individuals in a way never seen before. For many, they now understand more than ever that without a sound financial plan, their lives may be significantly impacted. Health care costs are rising, rumors of future tax hikes are brewing, and the market is continuing to keep us guessing daily, at which direction it will be moving. These circumstances have made us realize sound financial advice makes the world of a difference, especially as the unknowns of today continue to keep us guessing for tomorrow.

The question becomes "why are these topics so important?" Here is an example: Let’s take a 27-year-old whose father was diagnosed with Alzheimer’s disease at the age of 60.  That same 27-year-olds mother was a stay-at-home mom raising five children. Before her father was diagnosed with Alzheimer’s, he provided the income for his entire family. As one can imagine, this put a ton of pressure on her mother, and would raise the question for all of them – "What does our future look like now?" For some, this might mean the loss of their home, loss of income, loss of financial stability… But for this mother it meant going to work at the local grocery store to make ends meet, and in turn now providing for the entire family at a much-reduced income. This is an example of how a family’s life can change quickly, and how this devastating circumstance can create a stressful environment for all of us. This in fact is a true story, based on a then 27-year old’s life. 

What many of us have learned through these hard situations, is that nothing is for certain. It tells us today how important it is to plan for tomorrow’s uncertainties. It’s important that a financial plan addresses more than just a dollar amount listed on our account statement, and especially that it addresses some of life’s most challenging moments. These are all reasons why planning for "What could be" has never been more important. Which is why many investors today need to take the following items into consideration, as they address their current financial situation. Here are some things to consider, that have helped many navigate these uncertain times:

1)  Don’t rule out Life Insurance

a.  Tax Free Legacy for loved ones.
b.  Tax Free Retirement Income for loved ones.
c.  Home and long-term care benefits to protect us.

2)  Have a plan that address’s all of life’s circumstances

a.  Insurance for an unexpected loss.
b.  Proper estate planning for beneficiaries.
c.  Sustainable long-term investment planning.

3)  Chose a well-diversified portfolio

a.  Diversified investments for all market environments.
b.  Asset classes that differ in style and performance.
c.  Proper investment distribution strategies for all market scenarios.

4)  Will what we are saving now be enough to support ones retirement?

a.  Does it protect against future health care costs?
b.  Does it protect against future taxes?
c.  Does it protect against rising inflation?

5)  Maximize Income Sources

a.  Seek advice on the best time to file for Social Security.
b.  Strategically plan for when to draw different income sources.
c.  Consider an income stream we can’t outlive.   

It is important that investors, retirees, and all those seeking financial stability, create the financial future that protects them, especially from life’s biggest moments. As they navigate the ebbs and flows of retirement, finding the right financial plan provides them the confidence needed to fulfill their long-term goals. As that 27-year-old had to learn the hard way, she knows the feeling of life’s unexpected moments and the impact they can make on one’s financial future. It’s important to seek the right financial advice, so that when those moments present themselves like it did for her, all of us are well protected.  

About Bussenger Financial Group

Bussenger Financial Group is a financial planning firm located in Deer Park, Illinois. We understand that your portfolio is more than just a number. It represents time and energy invested to secure a financial future for loved ones and family, often including hours sacrificed away from those very people to achieve it. That’s why we take our responsibility to our clients personally, treating each and every portfolio as if it were our own. We will do everything in our power to make sure that you feel like you have a "Financial Concierge" at your fingertips.

Bussenger Financial Group, LLC and Kinetic Investment Management, Inc. are two separate entities. Insurance products and services are offered and sold through individually licensed and appointed agents in all appropriate jurisdictions under Bussenger Financial Group, LLC. Investment Advisory Services are offered through Kinetic Investment Management, Inc., a Registered Investment Adviser.

Nicole Bussenger

SOURCE Bussenger Financial Group