Could this happen to you? Think twice if you think these issues would not be applicable to your own situation…

A couple in their 60′s attended a  3-night seminars on Life and Retirement Planning.  This couple was stressed, overworked, and worried that they had done very little planning for their future. They had decided that there was no reason to plan now because retirement was merely a mirage at this point in life. After sitting through the seminar, they had second thoughts and decided it was time to plan. Contrary to their original thoughts, they had actually done very well for themselves and would be able to retire – and retire successfully – whenever they wished. They put their retirement plans into overdrive, but unfortunately, the husband had a stroke shortly after retirement and, after prolonged complications, passed away. Had he known he could retire sooner 10 years ago or even 5, would his stress had been the same? Would the lack of constant worry have impacted his health and would this be the same story? We can never know for sure, but you can’t help but wonder. What I do know is that this couple could have retired much sooner and spent more time together enjoying Life.

An extremely successful business owner and a loving family man thought he had everything under control financially and never took the time to get help with his Life Plann. Unfortunately, he passed away rather quickly after being diagnosed with a terminal disease. Though his wife and three children were accustomed to a six figure income and the lifestyle it provided, he had very little life insurance and 90 percent of his assets were tied up in his business.  Ultimately, because the wife knew very little about the business, she was forced to sell it (as well as their home) for next to nothing and go back to work just to support the basic needs of her family.

A very successful couple who thought they had done everything right had miscalculated in one crucial area they thought they could handle on their own: planning. Planning is often about addressing what you don’t know that you don’t know that could hurt you. They decided to get help only after it was too late. They were in their 60′s and had not purchased long-term care insurance. They had attended a seminar and were told not to buy it until retirement. Sadly, the husband had begun to show early signs of Alzheimer’s and though he had not been diagnosed, he was deemed too overweight for eligibility when they applied for long-term care insurance. Because of cookie-cutter information this couple received and followed, they had to spend down almost all of their assets for the husband to qualify for Medicaid. And the wife, who is still only 67, will have to continue working as long as she can because she no longer has retirement funding aside from her social security.

The reason I share these stories with you is not to scare you. Or maybe it is. Human nature is to procrastinate and justify by thinking… that won’t happen to me or that is not applicable to our situation.  Well, I have news for you. It could happen in a heartbeat. And it might be more applicable to your situation than you think. No matter what stage of Life you are in, it is critical to plan and be accurately informed – not just for you, but for the sake of your family. What don’t you know about your situation that could hurt you or your family?