Some life events you can anticipate, while others surprise you. This year has certainly brought a lot of the latter. Some are significant enough to affect your household finances, your investment strategy and even your vision of the future. Let us discuss a few helpful tips for times such as these.
An emergency fund is critical to build. An emergency fund is a readily available source of money to help you navigate financial disasters that arise, such as a loss of job, evacuating due to wildfires, car breakdown, etc. An emergency fund consists of savings equal to three to six months of your family’s expenses (not income) and best to keep in a separate account at your local bank.
Your retirement plan should be flexible. After a major development in your life, your plan should be reviewed; its priorities and objectives may need to be reevaluated. Even just the passage of time may make this a good idea. Can you say your life is the same today as it was 10 years ago?
This is when meeting with an experienced financial professional counts. Financial professionals can help pre-retirees and retirees plan in anticipation of life events, as well as adjust plans in response to unexpected changes. They are prepared to help clients through life and retirement transitions and make any necessary changes.
What changes have occurred in your life recently? Are changes ahead of you? If these developments are significant, they could call for a new look at your saving and investing approach. Feel free to call or email us about them. It’s better to address any changes now, rather than regretting not doing so later.
Julia Carlson is a registered principal with LPL Financial, and securities and advisory services are offered through LPL Financial, a registered investment advisor, member FINRA/SIPC.
Information in this column is for general information only and not intended as investment, tax or legal advice. Please consult the appropriate professionals for specific information regarding your individual situation prior to making any financial decision.
Email me your questions at [email protected] or call 541-574-6464. You can also post your question on our Facebook page: https://www.facebook.com/FinancialFreedomWealthManagementGroup