Is it time to hit or stay?
“Like the words in the song from ‘The Gambler,’ ‘You got to know when to hold ’em, know when to fold ’em,’ there are times to take some risk financially and steps to make sure you are well protected.
“After a difficult decade for stocks culminating in the 2008 financial crisis, many people still avoid stocks despite the recent recovery. For those in their 50s, 60s, even 70s, money may need to last 30 to 50 years. Inflation can erode the purchasing power if all is in low-yielding safe accounts. Implement an appropriate asset allocation that provides a buffer during market downturns AND opportunity for growth.
“It is never pleasant to think about ‘what if’ something bad happens, yet we are not invincible.
Life insurance—If someone is dependent on your income, then life insurance is needed.
“Disability Insurance – this is too often overlooked when signing up for employee benefits and too often needed.
Long-Term Care Insurance – no one likes the idea of going to a nursing home, yet many long-term care policies have home health benefits keep you away from a nursing home.
“Learning to effectively balance risk and protection can contribute financial success in life!”—Jeanne Gibson Sullivan