When planning for retirement, most Americans think mainly about using tax-advantaged savings vehicles like 401(k) or individual retirement accounts, while failing to consider the triple tax advantages associated with saving for future health care costs using a health savings account, or HSA.
An unexpected occurrence, such as a death, disability, or other personal loss, is certainly not the type of life event for which you can easily plan and often times it’s a topic that people choose to avoid thinking about altogether. “I’ll deal with this another day” they say to themselves. Yet the financial ramifications of putting it off can be staggering—not only for you, but for your family as well.
Whether you are just starting your career, in your peak earning years, or enjoying retirement, your insurance protection needs may change over time. Life cycle planning helps identify insurance needs that are common to particular stages of life.
Life insurance should be part of everyone’s plan – and it should evolve too.
The recently passed SECURE Act is the biggest piece of legislation impacting US retirement savings since 1974.