Health and Wealth: Reset and Re-evaluate
- November 21, 2024
As you continue your routine of maintaining financial independence and stability, your personal obligations may shift over time. Prioritizing all of your responsibilities will ensure that you stay on track with the financial goals you have established.
Consider the following:
Reassess Your Finances
Just as you would visit a doctor for annual checkups to ensure you are in good health, your finances should be reviewed as well. Periodic reviews of all your financial accounts, from savings to investments will ensure you are on pace to achieving your goals.
Longevity in Retirement
On average women live 5-10 years longer than men. As you near retirement, you may want to have discussions around:
- Whether you will be relocating to be closer to family
- If you plan on traveling
- Health concerns for either you or your spouse/partner
- Adult children who may still rely on your care
- Concerns about outliving your savings
Prepare Lifetime Planning Documents
It is also important at this time to create a comprehensive plan that incorporates a living will, trust, power of attorney and health care proxy. These documents along with your financial accounts should be reviewed for proper beneficiary and guardianship designations. This will provide you with the confidence that your health care and legacy wishes will be carried through.
Engaging in conversations with your team will help you plan properly for the retirement you have always envisioned.
Sources & Disclosure
The information contained herein is general in nature, has been obtained from various sources believed to be reliable and is subject to changes in the Internal Revenue Code, as well as other areas of law. This material is for informational purposes only and should not be construed as a solicitation of any particular insurance product or insurance carrier. Insurance is sold through Oppenheimer Life Agency, Ltd. (OLA), an indirect wholly owned subsidiary of Oppenheimer Holdings. Before purchasing a policy of insurance, please review both the insurance carrier and the insurance policy carefully before investing. A strategic alliance exists between OLA and various outside providers whereby products and services may be utilized. Such providers may receive compensation as a result of the strategic alliance. However, the firms are completely independent of each other. This material is not a recommendation as defined in Regulation Best Interest adopted by the Securities and Exchange Commission. It is provided to you after you have received Form CRS, Regulation Best Interest disclosure and other materials. Oppenheimer & Co. Inc. Transacts Business on all Principal Exchanges and Member SIPC. 3851224.1