Life Happens retirement planning is dedicated to helping Americans take personal financial responsibility through the ownership of life insurance, including disability and long-term care insurance.
Because we’re all concerned about having enough funds for retirement, I interviewed Life Happens to find out more ways to build up and safeguard our nest egg.
Life Happens Retirement Planning Interview
Lisa LaGrou Oakland County Moms – How can you live for today and plan for tomorrow? e.g. spending money to live for today, yet have enough for retirement. Is this a common concern for those saving up for retirement?
Cliff Wilson, Life Happens Retirement Planning Chairman – You know, it is. It’s natural that we put those things off. But, the sooner a person starts then the more secure they will be in retirement. But, it’s very common to put off and it’s critical to address it as soon as possible.
Lisa LaGrou Oakland County Moms – I’ve been hearing about the studies involving the wearable activity trackers… how do these help plan for the future?
Cliff Wilson, Life Happens Chairman – Well, it’s a couple different things. First of all, we found that 22% of consumers are already using them. And, of those people 51% of millennials and 30% of the people overall would be willing to share information from the activity trackers in return for financial rewards for healthy behavior. So, it could have the potential for financial rewards from the life insurance company. In addition to that, healthy behavior, exercise and activity, could lead to a prolonged life to a longer life span which would again require planning for lifetime income that would last a person’s lifetime. So, the longer we live, the more resources it would take care of ourselves. There are opportunities for financial rewards from rating purposes based on healthy behavior.
Lisa LaGrou Oakland County Moms – Are people generally doing a good job saving for retirement, or are they falling short?
Cliff Wilson, Life Happens Chairman – I think as a whole people are falling short. Some people are doing well, but like you said earlier, it’s easy to put things off. Most people care deeply about their families and about planning for retirement, and are very responsible people, but it’s just natural to put these things off. A number of reasons for that… they feel that it’s overwhelming, they don’t understand insurance, they don’t want to take the time to deal with it. Eight out of ten Americans over-estimate the cost of insurance. So, it’s very important the earlier the better to sit down and start building a plan.
Lisa LaGrou Oakland County Moms – What are the best tips to ensure having enough money for a comfortable retirement?
Cliff Wilson, Life Happens Chairman – The first step would be to sit down and assess where you are at this point. Everyone’s needs are different. Every has different obligations, responsibilities, whether a person is single, young family, empty nesters…but to sit down and take a hard look at where they are and make sure everything they have is up to date. And then, to meet with a financial advisor to get input, ask questions… to help design a plan that would properly meet the objectives that the people are looking for. It’s very important to get the input because every situation is different.
Lisa LaGrou Oakland County Moms – How can we handle the medical expenses that come during our elderly retirement years so that it doesn’t eat into our retirement funds?
Cliff Wilson, Life Happens Chairman – A lot of people are looking at long term care for that respect. That’s probably the most effective way to do that. The longer we live, the more potential we have. But again, the more we accumulate, and the more we plan, and the sooner we start…the better position we will be for those unexpected items in the future. Long term care is the type of coverage that would help cover expenses if a person went into a nursing home or assisted care. There are various products that can help people plan for uncertainties in the future.
Lisa LaGrou Oakland County Moms – Where can we learn more about this topic and Life Happens retirement planning?
Cliff Wilson, Life Happens Chairman – There’s a wealth of knowledge on our website LifeHappens.org. Your readers can go there and find information and also an agent finder is located on the website where they can locate an agent or advisor in their local area if they are not currently working with someone.
For more info on Life Happens Retirement Planning, visit LifeHappens.org