The 3 Stages of Your Financial Life
Insurance can include life and health insurance, disability insurance, long-term care insurance, home, and auto insurance and insurance against other perils. Adequate liquidity in your investments or in cash to cover emergencies along with a will is important.
The next level involves managing your money. Investment strategies should include diversification and risk management. The best option is to review your goals with a professional.
The top tier addresses retirement and estate planning. The ultimate goal is to ensure that you have income and assets for as long as you live. Your investments should be in line with your specific situation, goals and risk tolerance. An estate planning professional can provide you with documents necessary to ensure a planned distribution to beneficiaries. The three stages sound simple yet few people adequately prepare for any of them.