Social Security remains the primary source of income for all adults over the age of 65. In 2009, households ages 65 – 74 and households with members over 85 received 54% and 66% of their total household incomes, respectively, from Social Security. This should be a heads-up that you need to pay attention to your financial situation and start taking personal financial responsibility. Do you really want to depend on Social Security and family for your retirement?
if you’re a student who is struggling like Brittney, having lost a parent who had little or no life insurance, check out the application process for this year’s program at www.lifehappens.org/scholarship.
With a properly structured buy-sell agreement funded with life insurance, your business partners won’t have to scramble to come up with the money to buy out your share of the business and you’ll be guaranteed that your survivors will be compensated fairly and promptly.
Life insurance can replace your income if you die too soon, while disability income insurance can replace income lost due to illness or accidental injuries that keeps you from working.
Every adult should plan ahead by completing an advance directive that specifies his or her personal preferences regarding what are acceptable and unacceptable medical treatments.