I was attending a presentation by a financial advisor and the question was asked what keeps you up at night, or better yet what wakes you up in that cold sweat in the dead of night with the tightening grip of fear in your chest.
Where are running short of planning purposes?
- Retirement
- Education
- Life events
- Eldercare
- Estate Planning
- Cashflow
People tend to think it is just them who do not have everything covered properly. Well I can assure you, you are not alone; far from it. Most people are running short at just about every level.
Even those who plan on collecting a generous pension should have some concerns. Illinois is losing a large number of businesses: small, medium and large. I also see client fleeing the state for other more financially secure locations. So if Illinois is supposed to pay your pension good luck.
But then most people do not get a pension, only what they can save. This is after paying for college or at least assisting their kids with a portion of college.
For cash flow, are you living within your means or do you need to tap credit cards, HELOC or some other pocket to keep the wolves at bay?
How about if you needed a new furnace? Would this create a minor inconvenience, or a huge inconvenience in your lives?
I know that I need updated estate planning documents and I am planning on a trip shortly that has the kids mildly concerned.
We all have items on the list that need to be addressed. Remember they all don’t need to be done at once. Small steps will get you there, assuming you have the time. Set your priorities, call if you need help.