The Unexpected Loss of a Loved One: Are You Ready for What Comes Next?
Ken, was a hard-working successful sales executive in the high technology
industry for many years, while Mary, was a retired banking executive, as she
raised her family. They enjoyed a wonderful lifestyle with their family and
friends for many years, in Northern California, and when they decided to move
to Cincinnati, Ohio.
We completed financial assessment for them as they were planning to retire
post age 66 and continually updated their Financial House Plan. During our
collaboration we noted two (2) additions to their plans as they prepare for
their Second Act or their Retirement Lifestyle. These were long term care and
life insurance policies.
We also advised Ken, to consider saving more. I said, “If you are thinking about
retiring in the next three to five years, you may want to start really committing
to saving more money now to ensure you can sustain your current lifestyle.”
They took action on all of our advice. Ken maximized his contributions to his
401(k) plan and kept their life insurance policies in place. Over the past 7-8
years, markets have performed nicely, and they were doing quite well after
their move to Ohio. Additionally, the cost of living, particularly housing, was
much more affordable in Ohio than in California.
Unfortunately, life can hand us unexpected curveballs. Ken passed away
about three years after they moved to Ohio, at the young age of 65.
The death of a spouse is heartbreaking, however, because of the planning work that we had
discussed, and their quick action, his wife Mary could maintain her lifestyle as
she desired. They did take steps to save more, to protect themselves and
considered all of their options as they put their Financial House Plan into
action. Because they did keep their life insurance in place, despite the costs,
Mary has a house today that she owns with no debt. She is living a lifestyle that
she desires, with comfort, peace of mind and financial independence. It could
have been a very different picture, if they had not taken action when they
could.
We continue to collaborate together on Mary’s new lifestyle, as an
independent woman. It gives her confidence knowing she has enough money
for her lifestyle and her lifetime. She made additional decisions to protect
herself in case of a critical illness and has a Long-Term Care policy with an
income strategy for life.
While life can throw curveballs, a customized Financial House Plan allowed
support for Mary to respond and keep the lifestyle she desires.
For any questions about this article or to schedule a conversation with Marilyn Suey, call 925.219.0080 or email marilyn.suey@diamondgroupwealthadvisors.com
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