INSURANCE PLANNING FOR THE YOUNG FAMILY
At Longevity Funding Solutions, when we set out to help a young family with their financial planning, there are several key objectives. Our research shows, that young families want to be more successful and efficient with their money than their parents and peers. Young families stress that they want to avoid making the same mistakes and they want to ensure that their financial future is secured. Let’s explore the three major concepts we strive to introduce to all of the young families we work with.
SAVE, SAVE, SAVE
As a minimum, you should be setting aside 10% to 20% of your income to provide adequate savings for future needs of college education for your children, as well as to accumulate adequate savings for your retirement. If you contribute 5% to your 401k and your company matches 100%, you have successfully accomplished half of you goal of setting aside 20% of your income.
It is imperative, to avoid facing the risk of losing everything, that your family maintains the proper amounts of the following types of coverage: Liability coverage, health insurance, disability insurance and life insurance. This roster of protection may seem overwhelming, but our team can make this an easy process for your family.
WATCH YOUR BALANCE
Watching the balance of your qualified savings plans and investments is crucial. One of the most commonly asked questions is will your tax bracket be higher or lower when you are ready to retire. You many want to explore the option of a Roth 401k or an IRA. It is true that you give up the deductibility today, however, you enjoy TAX FREE income in retirement.
PLANNING CONCEPTS FOR LIFE INSURANCE
At Longevity Funding Solutions, we employ the DIME concept with our young families seeking assistance with their overall financial wellbeing. The DIME concept allows us to illustrate the importance of life insurance coverage through a simple acronym.
THE DIME CONCEPT
Life Insurance possesses many benefits as it protects you and your family from:
INCOME – Replacement
MORTGAGE – Payoff
EDUCATION – For children
LOOKING FOR SOLUTIONS?
Are you a young family looking to secure your financial future? At Longevity Funding Solutions, we have over 25 years of experience helping clients, like yourself prepare for their family’s future. Click the button below to schedule a free consultation with our team of experts.