WASHINGTON, July 24, 2023 — As The Washington Post recently noted, Americans are doing better financially today than before the pandemic – somewhere between 10 and 15 percent have more in their bank accounts today as compared to 2019. And while this is a step in the right direction, true financial security goes beyond just having a little more money in the bank.
If you’re also in a position of strength, in addition to being a savvy saver, here are three tips to ensure your long-term financial security becomes a reality:
- Talk to a Professional – Navigating the complexities of not only the economy and markets, but also life can be overwhelming. Even the world’s greatest athletes need coaches, and the same is true for our financial life. It is highly recommended that you seek professional guidance from a holistic financial security professional when developing your financial plan. They can assess your specific circumstances, help you understand the available options, and tailor a holistic strategy that aligns with your unique needs.
- Develop a Holistic Financial Security Plan – More than a year ago, Ernst and Young published a study that exhaustively analyzed how life insurance, especially permanent policies, investments, and deferred income annuities out-perform investment-only or investment-plus-other-products approaches, in every combination. Individuals and/or families who have life insurance, investments, and guaranteed streams of lifetime income through things like annuities are in a significantly better position to absorb the challenges that life throws their way.
- Consistently Reevaluate Your Financial Position and Goals – Life is dynamic and any number of things can disrupt your financial plan. Regular assessments and reassessments of your financial position should be on your monthly and/or quarterly to-do list. Be sure to check for opportunities for growth as well as where you may be over-exposed to serious risk.
Remember, financial security goes beyond just saving a little more money. Even just taking these three steps can ensure your long-term financial security becomes a reality.
At Finseca, we know that financial security improves people’s lives and protects their livelihoods and future well-being. We are rising to the challenge of increasing financial security for all. Finseca represents the men and women of the financial security profession who dedicate themselves to delivering financial security to their clients every day.