These days, we're inundated with ads that tell us to start planning now for our financial future. The problem with that is that many consumers focus on one area, and neglect other key aspects of financial planning. For example, a family might be protected with Life Insurance, but with no money saved for retirement. Others might have abundant retirement accounts and good Life Insurance, but lack a written will in place to help survivors divide their estate. In today's Aegis blog post, we look at the three key steps to creating a solid financial plan to make sure clients have all the pieces in place for their future needs.

Life Insurance

The first part of any good financial plan is having quality Life Insurance that protects heirs and dependents by providing financial security. A life insurance policy can help ensure that beneficiaries have the means for funeral expenses, paying off outstanding mortgages and debts, covering living expenses, and paying for future events like college tuition or weddings. By having ample life insurance in place, survivors don't have to scramble to find last-minute funds and resources, or risk losing their home and property, but can instead focus on mourning their loved one.

Retirement Savings

The second key part of a good financial plan is saving for retirement, while also reducing or paying off outstanding debts. Saving for retirement is a step that is more beneficial the earlier you start because of the benefit of compound interest. The idea of saving for retirement is simple enough – save as much as you can each month and allow that savings nest to grow by putting it in an interest-bearing savings account or by investing in a mutual fund. Even if you start saving later in life, any savings you can make before retirement age can help cover expenses when you're retired.

Wills and Trusts

Finally, the most important aspect of financial planning and estate management is creating a written will to determine how property and assets will be divided among survivors. Wills serve two critical functions – they allow the individual specify how their property should be divided among survivors and beneficiaries (significantly reducing or eliminating any squabbling or fighting over property) and they can detail specific personal wishes, such as custody or guardianship over minor children, and burial or memorial wishes.

The sooner we make plans for future, the easier it will be to reach our goals and enjoy our senior years. Good financial planning involves Life Insurance, Retirement Planning, and Wills and Trusts. Aegis can help people planning for the future with Life Insurance solutions, tailored to the unique needs of you and your loved ones. Call Aegis today at 713-850-7622 for more information, or fill out our online form to request a free Life Insurance quote!