Maximize your HSA e-Newsletter
Vol. 15, Issue 1
New Year’s Resolution: Achieving Financial Security
A Fidelity Investments survey estimates almost one-third of Americans will propose a money-related New Year’s resolution for 2019, with nearly half of them planning to save more, twenty-nine percent targeting their debt issue and fifteen percent making a goal to tighten their wallets.
If achieving financial security in 2019 is your New Year’s resolution, we’re with you. Let’s learn why financial security is important and how a unique 6-step program can get you there.
Why is Financial Security So Important?
Achieving financial security is a lengthy process many won’t finish until they’ve reached retirement age. Others may have such security through inheritances or other gifts, but those individuals are few and far between. True financial security is achieved by:
- Investing in yourself
- Protecting yourself
- Living well but thriftily
- Thinking about retirement now.
Financial security provides more happiness over time than almost any worldly possession money can be spent on. In short, financial security is the stronghold that helps us weather the storm we call expenses. There’s one way to achieve such security, and it takes only six steps to get there.
Financial Protection Program
Now that 2019 is upon us, use this 6-step checklist to optimize your financial health and allow this new year to work for you. By following this list, you’ll work toward financial security with the least amount of strain possible.
1. Plan for medical, vision, and dental expenses
Traditional health plans cover most expenses, but there are still gaps in coverage that add up over time. You should routinely examine your coverage, look for any potential gaps, and plan accordingly.
2. Consider disability risk
Although you’re probably in good health today, would you be prepared for sudden disability tomorrow? Many wouldn’t survive if a debilitating condition put them out of work. Look over your finances to determine whether your cash flow could survive sudden illness or disability.
3. Invest in your future with guaranteed lifetime income
Are you at risk of outliving your retirement? Did you take an early retirement or buy-out from your company but can’t draw social security for several more years? Some form of guaranteed income is needed to help cover your basic living expenses, such as an annuity or self-funded pension plan. These can be purchased at any age and can provide guaranteed income that will never run out.
4. Have a plan for long-term care needs
Unexpected illnesses can change the course of your life forever, regardless of age. With nursing home costs amassing $100,000 annually and all insurance plans unable to cover long-term care, it’s vital to examine what options are available for paying long-term care costs today to prepare for the worst-case scenario tomorrow.
5. Have a living will in place
Some illnesses are so dire, many patients lack the ability to communicate. To relieve your loved ones from the responsibility of making tough choices when illness has taken control of your life, a living will can shift the burden to your primary caregiver.
6. Finalize your legacy planning
After finalizing your living will, you should plan what happens to assets, heirlooms and other financial responsibilities once you depart Earth. Once created, your last will and testament should be updated often, with a suggested frequency of every 3 to 5 years.
2019 is right around the corner. Prepare yourself for this wonderful new campaign where financial security can be achieved with 6 simple steps. From planning medical expenses to planning the legacy you’ll leave behind, we hope you have a prosperous New Year filled with opportunities to capitalize on these six steps so that financial security inches closer to reality for you.
Learn more about the Financial Protection Program by grabbing your free special report filled with valuable information that will help kick-off your 2019 with a game plan to succeed all year long and beyond: Financial Protection Program Special Report
To your health and wealth,
Wiley P. Long III
President- HSA for America
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