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5 Ways to Strengthen Your Financial Protection Plan
Special to The Truth
Many Americans are
feeling things like their health, job and retirement savings
are at risk.
U.S. adults are most
concerned about protection in times of economic uncertainty,
according to a June 2020 Protection Study by Lincoln
Financial Group and CivicScience. Specifically, the study
found the pandemic has increased Americans’ concerns around
having enough money saved for emergencies (39%), the impact
of market volatility on their investments (30%), as well as
having enough money for a comfortable retirement (29%).
“This year’s volatile
market, along with the pandemic, has reinforced for many
consumers just how important it is to have a well-rounded
financial plan, one that can help weather these challenging
times and set you up for success in the long-term,” said
Jamie Ohl, executive vice president and president,
Retirement Plan Services for Lincoln Financial Group. “Make
it a priority to have open conversations about your finances
and your retirement goals with your loved ones so you can
create a strategy to protect your future.”
Now is the perfect time to
explore how to best protect against risk. Here are five
suggestions from Lincoln Financial on how consumers can
create a more robust financial protection plan:
• Fund the Future. Life
insurance can be more than just a death benefit, with some
types of policies offering income replacement for unforeseen
events. It can also protect your financial security from the
impact of taxes, market volatility and longevity. It’s not
just for individuals and families either, but businesses
too.
• Protect Your Paycheck.
Go beyond health insurance and look at disability, accident
and critical illness coverages, especially those available
through your employer, to prevent income gaps and keep you
from paying out of pocket for covered expenses.
• Add Protection to Your
Portfolio. Consider diversifying your portfolio with an
annuity. It can provide protected growth and monthly
lifetime income for a portion of your portfolio – to help
cover expenses in retirement and ensure you have a stream of
income throughout retirement.
• Reimagine Your
Retirement Plan. As a result of the SECURE Act, in-plan
guaranteed income options can serve as a powerful tool to
protect savings during periods of market volatility, while
still benefitting savers when the market goes up. Savers
should also stay focused on the long-term, and remember that
saving for retirement is a marathon, not a sprint.
• Create a Cushion. The
expense of an unexpected long-term healthcare event may not
be something you’ve considered in your plan. Unfortunately,
these events can come on suddenly, and be very costly, so
don’t wait – make sure you have a strategy to cover the cost
of care if you or a loved one needed it.
Visit
www.lincolnfinancial.com for more tips and resources.
To protect your future, it
is important to have a robust, multifaceted financial plan
in place, particularly during times of economic uncertainty.
Courtesy StatePoint
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