Growing up we were always told of things that we had to do. The old standbys were: “eat your vegetables”, “don’t eat those cookies before supper”, “wait at least one half hour before going swimming”, and my old time favorite, “don’t run with scissors in your hand.”
The last thing I want to do is preach and sound like your mom, but here it goes…. Even a little planning goes a long way….
We never really know what the future has in store for us. However, it’s always good to line up our proverbial “ducks” now. Here’s why. Hopefully, we are all going to get old someday. In the best case scenario, we’ll all be 100+years old and just go to sleep. In reality, that’s almost never the case. Some of us will get sick way before our time, even in our 40s, 50s, and 60s and so on. The consequences of passing away without an estate plan (Wills and Trusts) are devastating for the loved ones you leave behind. Moreover, if you are incompetent or incapacitated, (Power of Attorney and Health Care Proxy) at any point, that in and of itself presents huge legal problems.
On the financial side, we all want to retire with the knowledge that we will always have a nice steady income stream and our assets are protected, from stock market downturns, long-term care expenses, etc.
The Take Away
So, here’s the take-away. Planning is really not that daunting and complicated. As the Nike commercial says “Just Do It”. It’s always cost effective and it’s going to be less painful than that cavity you had filled at the dentist!
The peace of mind knowing that you’ve protected your loved ones and secured your retirement is immeasurable.
Now “make sure you make your bed before leaving the house” and “don’t talk to strangers”…