Why Financial Planning Should Be A Priority In The New Year

It’s easy to become so caught up in the day-to-struggle to earn money that you forget about the long-term big picture. As long as you have income to meet living expenses, everything seems alright. But you can become so focused on meeting current needs (or perceived needs) that you make irrational financial decisions. As evidence of this, consider that 46% of Americans have more credit-card debt than savings-shortsighted management of personal finances at its worst.

It’s not that Americans don’t know it’s important to be financially smart. Research shows that nine out of 10 Americans believe they could manage their financial future better. But many people apparently don’t consider financial planning to be vital enough to do it.

The tendency to neglect financial planning is understandable because financial planning involves thinking about the distant future or unexpected events—not about what’s going on now. But that neglect can come back to haunt you. Consider the following reasons why financial planning now-not later-is crucial.

Have Enough for Future Needs, Including Retirement

Far too many Americans are not adequately saving for retirement, and the result is more and more seniors are forced to work beyond retirement age, a trend that unfortunately is likely to continue. Retirement is the reward at the end of working life, but it doesn’t just happen. For most people, it takes careful financial planning and wise investing, beginning at as early an age as possible, to prepare for retirement.

Protect Your Family In Case of Death
Life insurance is critical in any financial planning because without it your loved ones are exposed to financial risk should something happen to you.

Consider the following expenses that are often left behind upon one's passing:

• Replacement of lost income
• Mortgage
• Debt
• Medical expenses
• Burial and funeral costs
• College for children
• Caring for elderly parents
• Caring for a special-needs child

 The thought of leaving behind these financial burdens for your family should be more than enough motivation for you to buy sufficient life insurance if you don’t already have it.

Gain Peace of Mind

If you’re like most Americans, you realize that two essential responsibilities in caring for your loved ones are preparing financially for the future and providing financial security in the event you pass away. To fulfill those responsibilities, financial planning that includes retirement planning and adequate insurance is necessary.
Once you develop a realistic, suitable financial plan, you’ll be able to sleep much easier knowing your family’s future is provided for.

For more information give us a call at 800-301-8113 or visit goldcoastlifeinsurance.com