Life’s Big Moments: Is Your Financial Plan Ready

Life is full of significant events – some anticipated, like marriage or retirement, and others less so, like sudden job loss or health issues.

While we can't predict every turn our lives will take, having a financial plan can help us navigate these milestones. Here are four strategies to manage significant life events financially.

1. Create a Foundation with an Emergency Fund:

The cornerstone of any financial plan is an emergency fund. This fund acts as a buffer for unexpected expenses. You can start slow but ultimately try to achieve 3 – 6 months of living expenses.

This fund can be crucial for dealing with unforeseen events such as job loss, medical emergencies, or urgent home repairs.

2. Plan for Predictable Life Events:

Certain life events are predictable, like buying a home, starting a family, or retiring. For these, set specific financial goals and timelines.

For example, if you can plan a significant expense, calculate down payments and cash needs, and create a savings plan to address the expense. Don't allow the plan to develop after the purchase:)

3. Create a plan for income in retirement:

In retirement, having an intentional plan for income isn't just wise—it's essential for ensuring financial stability and peace of mind.

4. Insure Against Major Risks:

Insurance is a critical component of a financial plan. Health insurance, life insurance, disability insurance, and long-term care insurance can protect you and your family from financially devastating situations.

The right insurance coverage can help prevent a health crisis or disability from derailing your financial stability.

While we can't predict every life event, a well-structured financial plan can provide the guidance and stability needed to navigate life's significant milestones.

If you need a plan, we can help you create one that addresses these four foundations.

If you have experienced a life event recently, let's connect to ensure your plan is still on track.

Steward Partners Investment Solutions, LLC offers insurance products in conjunction with its licensed insurance agency affiliates.

Since life insurance and long term care insurance are medically underwritten, you should not cancel your current policy until your new policy is in force. A change to your current policy may incur charges, fees and costs. A new policy will require a medical exam. Surrender charges may be imposed and the period of time for which the surrender charges apply may increase with a new policy. You should consult with your own tax advisors regarding your potential tax liability on surrenders.

Guarantees and contractual obligations are backed by the claims-paying ability of the issuing insurance company.