You’ve worked hard to save for retirement, but what happens when life doesn’t go according to plan? From unexpected health challenges to major financial losses, we explore six risks that could threaten your retirement and how to better protect the savings you’ve worked so hard to build.
Episode Transcript:
Welcome And The Magic Wand
Intro/Closing 0:02
Welcome to the Real Talk Retirement Show, where we explore the financial side of retirement and beyond. Whether you’re currently retired or planning for the future, we offer real, relatable conversations about money and personal finances. Most importantly, we dive into all these topics using Real Talk. Now, let’s get real about your money and your retirement.
Brian Graff 0:28
Welcome back, friends, to another episode of The Real Talk Retirement Show. We are Brian Graff and Tracy Burke from Conrad Siegel here with you as always. Tracy, I got a question for you. Let’s say I offered you a magic wand and told you that if you simply wave the wand and say those magic words, abracadabra, your financial or retirement plan would work exactly as planned. The markets would cooperate, inflation behaves itself, taxes stay reasonable, and there are no surprises. Tracy, would you take that magic wand from me and say those magic words?
Tracy Burke 1:02
I I would say, you know, is the Pope Catholic? Yeah, of course. Yeah. I don’t even need to think about that one. Absolutely.
Brian Graff 1:08
Yeah, same here. Uh the problem is, Tracy, we honestly can’t count on magic, I hope we all know, for our retirement planning. And it really doesn’t happen in a vacuum. You know, most people spend decades focusing on growing their money. We save, we invest, we watch the market, and we wonder if we’re on track. But sometimes the event that changes a retirement plan has nothing to do with the market or a specific investment decision. You know, it could be a serious illness, it could be a disability, a major property loss, death of a spouse, or, you know, even just a need for long-term care.
Tracy Burke 1:40
Yeah, 100%, Brian. And, you know, those events don’t show up on any statements on your retirement account statement, but they can certainly completely change the direction of your financial plan and your financial life. So, yeah, today, uh, you know, that’s what we’re gonna be talking about, how to protect our financial independence from life’s biggest what-ifs. And you know, insurance is that word that is used, but sometimes, you know, it has that little bit of a negative connotation. But ultimately it’s it’s managing the risk that you mentioned there.
Brian Graff 2:13
Yeah, Tracy. So we’re gonna walk through six risks today that can affect retirement and discuss where insurance or other risk management methods may fit. So when people ask, you know, all the time, what type of insurance do I need? the answer usually starts with a different question. Like, what risks am I trying to protect myself from? And which of those risks could my financial plan absorb on its own?
Risk One Losing Income Early
Brian Graff 2:35
Okay, so let’s get right into some of these key points and we’ll go through risk number one, which is losing your income before retirement. And this is a risk that sometimes gets overlooked. When people hear that word insurance, they often think about life insurance first. But you know, for many working households, disability insurance may deserve just as much attention because really future earning power can be one of the largest financial assets a family has. So if like an illness or an injury prevents you from working, the impact can extend well beyond your next paycheck. I think we all know. Uh, and you know, the immediate issue is paying the regular bills, of course, but it does have a ripple effect and can certainly reach retirement. You know, your contributions may stop, emergency reserves may end up being used before you wanted to use them, your debt may increase, and your retirement assets may be tapped earlier than planned. So disability coverage is designed to replace a portion of income when someone can’t work because of a covered illness or injury. And your coverage for this type of uh this type of event can be available through an employer, or you could purchase an individual policy, or it could be a combination of the two.
Tracy Burke 3:43
Yeah, that’s that’s right. And you know, thinking where where to start, the practical place to begin really is with the benefits you you likely already have through your employer, right? So uh pull up those workplace documents, find out how much income might be replaced with a disability uh insurance uh plan you have, uh, when the benefit begins, how long it may last, and whether that coverage follows you uh, you know, even into the future, you know, depending on on what that situation could look like. So um for some people, that work policy may not be enough. Now, most policies really by law uh they cover somewhere between 60% and 80% of your income. So you can’t replace a hundred percent of your your uh your income. The law doesn’t allow that. Or otherwise, I think most people would be like, hey, I stub my toe, I’m gonna go into disability and and not work for a while, right? Um, so uh that 60 to 80 percent again is the most typical one. And if if the pol if your work policy is on the lower end of that, and you really feel you need or want more coverage, you can purchase additional coverage on your own uh through really a private plan, something to add on top. But that that can be really expensive. So I think is you know, the question maybe we ultimately think through or ask ourselves you know, if my paycheck did stop tomorrow, how long could my household continue without dramatically affecting our current and future financial situation? So, you know, as as we all get close to retirement and and let’s say, you know, hopefully folks are prepared for retirement, that you know, risk of course gets a little bit less um important by chance.
Brian Graff 5:33
For sure. Well said, Tracy. How about risk number two?
Risk Two Life Insurance Choices
Tracy Burke 5:36
Yeah. So moving along, um, you know, this one is really important if if there’s others that depend on your income or your financial uh capabilities there. So um this one is really if or not if, but when you pass away, right? I think uh all this will pass away at some point. Yeah, yeah, unfortunately. Right, inevitable. Uh, but but this second risk is really when we pass away and the financial obligations that we might have. Um, you know, and of course, that’s you know, as you mentioned earlier, Brian, the term life insurance comes into the conversation. So at a high level, of course, life insurance is, you know, provides money or what’s called that death benefit, of course, after the person that’s insured uh passes away. And uh, you know, the the most useful planning question that I would suggest is, you know, to ask ourselves, what financial problem would that money solve? So during our working years, you know, that answer might um be thinking about the the income that you would be lost at that point, right? For the survivors in your family. So replacing that lost income, uh paying off any debts that that are out there, mortgages or other type of debts that might be out there. Uh sometimes that’s you know the final expenses um that you know after somebody passes away. Uh supporting children, especially for those during their working career that have uh children, whether it’s helping helping to fund the education or you know, providing child support or any of those type of things depending on their age. Uh, business owners, they might have additional business or succession needs as well.
unknown 7:13
Yeah.
Brian Graff 7:13
So, Tracy, while we’re talking about life insurance, I do think it’s important to clarify that there’s two types out there, which most of our listeners have probably heard somewhere along the way. Uh, but first we have what we call term policies, which last a certain period of time or certain term, as the name would indicate. And that could be while you’re employed, or you know, you can buy a specific length of life insurance for, like example, 20 years, 20-year term policy. And that’s how term policies work, a specific period of time. And then you also have what we would call permanent life insurance, or often referred to as whole life insurance. That’s a policy designed to last for the remainder of your lifetime.
Tracy Burke 7:51
Yeah, thank thanks for clarifying that, Brian, because you know, if we think about term policies, they’re typically better, a better fit for people during their working career. And again, you’re likely trying to replace that lost income we talked about, paying off debt and some of those other items. Um, I would say a little caution though, with life insurance. Some insurance agents really like to sell permanent policies and stress that they can be good investments as well. That’s not always the case. Um, you know, a lot of times they’ll say, well, you can borrow against that policy if you’re needed, or upon retirement, you can take income from it. So here, you know, at Conrad Seagar, our strong belief is that you shouldn’t mix investing and insurance into that same product. Um, with whole life insurance, you can, you know, that can be a really a last resort of getting income from it during your lifetime, but it’s very expensive way to invest, so to speak. So again, keeping them separate is important. Um, I would also say, you know, using low-cost investments, as we’ve talked about time and again, time here, Brian, to grow assets for the future is the way to go. And then using life insurance to protect against the risk of premature death.
Brian Graff 9:08
Yeah, all good points, Tracy. And we should note that, you know, as a person retires, that normally changes the need for life insurance. You know, someone with grown children, little or no debt, and enough assets to support a surviving spouse likely has less need for income replacement coverage than someone in the middle of a career. But life insurance can still be relevant when there are remaining debts, support needs, business interests, final expenses, estate planning, uh, or a specific legacy goal. And the list goes on and on. So it doesn’t mean you don’t need the life insurance when you’re getting ready to retire and life might be simpler, just means your coverage might look a little bit different.
Tracy Burke 9:45
Yes. And that’s exactly when that permanent or that whole life policy is certainly a better fit generally for retirees who feel like they they still do need that insurance coverage.
Brian Graff 9:56
Right. And that’s why an old policy shouldn’t simply disappear into a drawer, as we like to do sometimes, stick those documents somewhere where we don’t see them for till they gather lots of dust and it’s been 10 years. But, you know, marriage, divorce, the birth of a child, a new job, retirement, selling a business, or even the death of a spouse, that can all change the need. So, you know, beneficiary designations deserve attention too. If you can’t remember why a policy was purchased or who was listed to receive it, that is a sign that the policy could certainly use a fresh review with the appropriate professional.
Tracy Burke 10:31
Yeah. So so I must admit, Brian, I get very nervous sometimes thinking or talking about life insurance, especially with my wife, because you know, I almost feel like, you know, if I have too much life insurance on my own, on myself, you know, I sometimes feel like it’s a bounty on my head. And of course, uh, I always want to make sure that I’m worth more alive to my family than I am dead, right?
Brian Graff 10:55
We are in the same boat, my friend. That’s right, exactly. And be careful, Trace. We’ve all seen examples, you know, of doing this for so long, as long as we have, where the wrong person, you know, the person that wasn’t intended to receive a benefit or a policy payout received it because the policies weren’t up to date, right? We’ve seen it time and time again.
Tracy Burke 11:13
Yeah.
Risk Three Protecting Your Property
Brian Graff 11:14
All right. So that gets us to risk number three, which is a major property loss. Okay, so this involves your home, vehicles, and personal property. And, you know, this may certainly feel separate from retirement planning, but the reality is that your home is often one of the largest assets that a household owns and certainly an important part of your overall financial plan. Uh, a major uncovered loss can quickly become a retirement problem if the money intended for future goals has to be redirected elsewhere. Okay. So, in a similar manner, if you don’t own your home, you’ll also want to make sure you have sufficient renter’s insurance as well. That’s super important.
Tracy Burke 11:53
Yeah, and I think it’s also important to periodically review those homeowners or renter, you know, or renter’s insurance and as well as your auto insurance. Um, and and even every couple of years, it’s good to um to do that when, especially if you get larger premium increases, if you’ve done renovations, major purchases, uh, if you’ve moved, obviously, uh any other significant changes at this point. And and the goal isn’t uh necessarily, you know, that every person has to be that expert in the details of the policy, but it is super important, obviously, to understand what’s covered, replacement cost, all those types of things, what’s not covered, uh, whether the protection still really reflects what the household owns today. So, as we sort of frame this into a question, maybe to ask ourselves to think through this concept, you know, so you know, if a major property loss or expense would occur tomorrow, would the current coverage, you know, and available cash uh keep those lifelong savings that we’ve built up over time for retirement from becoming that backup plan? And obviously we don’t want to have to raid um all those savings at that expense.
Brian Graff 13:10
Yeah, that’s great. Now, definitely everybody ask yourself that question. And it’s also probably a good time to point out that we do have a risk management checklist that highlights all the items we’re talking about today. You know, included in that checklist are what we call general rules of thumb and guidelines for suggested coverage amounts and benchmark data. If if our producer, Zach, Zach, you’re still awake out there. Uh, this is this is his cue to uh make sure the checklist ends up in the show notes for the podcast episode. So get on that there, Zach. Appreciate you, sir. Uh and I wouldn’t highly encourage our listeners to check that out. It’s very valuable.
Tracy Burke 13:42
Excellent.
Risk Four Umbrella Liability Coverage
Tracy Burke 13:44
All right. So moving on to the fourth risk, and this is really in a significant liability claim, and it’s really under the header personal liability. So people often think about you know insuring the car or the house, but sometimes spend less time thinking about protecting uh their overall assets that they’ve spent decades building. So if a serious you know claim, a liability claim, exceeds the liability protection in some of those underlying policies that you have, the homeowners, renters, and the car insurance, uh, personal assets can be exposed there.
Brian Graff 14:21
Yeah, most people probably are familiar with that term umbrella policy. And just to remind everybody, an umbrella policy generally provides additional liability protection above certain underlying policies, so extra coverage. So whether it belongs in the plan depends on your assets, future earnings, uh exposures, and your comfort with risk. Brian, hold on a second. Why the heck do I need insurance for my umbrella? I knew you were waiting to pounce on that one, Tracy, too. Great, great point. But you know, there are some pretty expensive umbrella. I was doing some research before the podcast episode, and I’m pretty sure you can find an Air Mies umbrella, Tracy, for a couple thousand dollars. So, you know, some umbrellas may need coverage. Yeah, but I totally understand the point. But listen, everybody, the retirement connection is clear. Uh, again, after decades spent building a portfolio, increasing your financial flexibility, a large claim can threaten that financial independence you’ve been longing for for so long, right? So this does not mean that every listener needs the same coverage. Again, not everybody fits inside the same box, but you know, the right amount of umbrella insurance will depend on where you live, your profession, and honestly your own aversion to risk.
Tracy Burke 15:30
Yeah, and in reality, you know, that umbrella we’re again referring to really as excess liability insurance, it’s rarely used, and that that’s a good thing, right? Uh, but can be that important component, almost like a peace of mind uh within that broader risk management plan, uh, especially after you’ve built that solid nest egg. Um, you know, keep in mind that liability protection within your homeowners or auto policies usually provide enough uh protection in many cases, unless what’s referred to as gross negligence can be proven. And just a quick example I uh often use, you know, just imagine like in the dead of winter when it’s freezing cold out, and I decided, like, hey, uh, you know, I want to get back at my neighbor for something, and I you know, take a bucket of water and pour it uh on the sidewalk, and I go back inside and I’m waiting for it to freeze, and then I’m sitting there with hot chocolate, waiting my you know, waiting for my neighbor to walk by, slip and they break a leg. You know, that could certainly be grounds for gross negligence, right?
Brian Graff 16:33
You would you would never do such a thing as a good idea? I know you too well.
Tracy Burke 16:36
And I I love my neighbors, especially those those that are listening to this podcast. And and quite likely, you know, the liability coverage again would, you know, wouldn’t suffice if there’s gross negligence. But more often than not, most of the time it’s there, but it’s that extra peace of mind. And and and it’s sort of a good rule of thumb. And again, this is on that um checklist that that you referenced, Brian, it’s out in the show notes. But typically when your net worth gets to that one million dollar mark or above, that’s often the time to start thinking about the umbrella coverage, and and uh you you can get a a you know million dollars of coverage, and that’s sort of the increments it typically comes to. And it’s it’s actually very inexpensive.
Brian Graff 17:18
Uh inexpensive. Yeah, you usually say the word expensive. It’s nice to hear the it’s like you’re inexpensive for a change. Yeah, how about risk number five, Tracy? Move along to healthcare
Risk Five Healthcare And Medicare Gaps
Brian Graff 17:27
costs.
Tracy Burke 17:27
Yeah, so of course, you know, healthcare, this is a big one, and nearly every retirement or financial planning conversation reaches this topic eventually. Uh, of course, you know, a serious you know, illness or accident can really add up some large medical costs, and everybody knows people that have incurred some, you know, some problems there. Um, and of course, while still employed, um, you know, most folks do have uh eligibility and access to their employer plan, uh, but it can, you know, it could disrupt some income uh needs at that time. So health insurance again limits, you know, part or hopefully a good chunk of that exposure. But just like all these other policies, need to really understand how that works. So for people during your working career, of course, annual enrollment, that’s a time of the year usually happening in the fall. And we’re recording this episode in the fall, so it’s right around the corner uh here. Um, you know, that’s an opportunity to just review your coverage. So, what’s your deductibles? Uh, what’s your co-payments? Um, who’s in and out of network? What’s the prescription plans look like? Uh, what are those out-of-pocket costs that you could expect? So lots of things just to review and stay current on. Um, and you know, obviously, if your current uh employer offers and you’re eligible for a health savings account, a way to save and put money away in a tax-preferred way for that, uh, that may be also part of your current and even your longer-term healthcare uh expense strategy. So, you know, specific rules, contribution limits, they change you quite frequently. So just um, you know, making sure you’re up to speed with what those current figures are before you make any important decisions.
Brian Graff 19:13
Yeah, absolutely. And for people approaching retirement, it’s right around the corner. You know, health coverage can affect, of course, the retirement date itself. Uh, someone retiring before Medicare, for example, which is currently age 65, when that starts, um, you know, they need to plan for that gap. That’s one of the biggest deterrence sometimes for people retiring early being able to afford health insurance before Medicare kicks in. And then once Medicare begins, you know, there’s still those same enrollment decisions, uh, the prescription coverage considerations, Tracy was just talking about. And certainly there are out-of-pocket costs. In our in our retirement myths episode, Tracy, I remember we touched on the danger of assuming Medicare would cover every healthcare expense. And believe me, it won’t, right? Uh so really the better approach is just to make healthcare part of the retirement budget and understand how coverage changes before and after retirement.
Tracy Burke 20:05
Yeah, very, very
Risk Six Long-Term Care Planning
Tracy Burke 20:06
important. So, as we move on to the sixth and and the final risk that we’re going to talk about here today, uh, you know, this is probably the most retirement specific one uh that we’re gonna talk about today, meaning that it’s most impactful in actual retirement. And and that’s that’s long-term care. Um, again, a word that a lot of you know families and and folks don’t like to think through or think about. Uh, but disability insurance, that can become less important after someone is no longer dependent uh on employment income. And of course, life insurance, those needs change as you know, kids, especially if you have kids, become uh financially independent and so forth. But again, long-term care can move in that opposite direction, become more relevant, of course, with age. Uh, can also affect um more than just that person that’s receiving the care. Because obviously, if there’s a spouse involved or adult children or some other family members or caretakers that are becoming instrumental in that, whether it’s being that caregiver or coordinating it or helping to make those decisions. So, you know, long-term care, the the important, I think, concept here, and this has changed dramatically over the years. Um, you know, 20, 30 years ago, most long-term care had to be given in a facility, in a sense. Uh, but now they really have done a great job of trying to allow that to happen in your own home, uh, or assisted living facility, you know, adult daycare, uh, or you know, obviously the the end result could be that nursing facility there. So when we think through this, the question again that we’re sort of prompting ourselves uh to think through is you know, do I need or should I be buying long term care insurance? And I think you know, the things to think through and start with is. You know, if I needed care, where would I want to receive it? You know, the where part of it. Uh, who would help coordinate it? Uh, who might provide that care? How would I pay for that? And of course, what would that mean for my my loved ones, my spouse, my children? Uh, also my my lifestyle and my legacy.
Brian Graff 22:21
Yeah, Tracy, it’s not just as simple as saying I need it or I don’t. I mean, that’s where it starts, I think. Yeah. Uh, but but the reality is there’s it can look different for different people. You know, some households may explore like your what we’d call your traditional long-term care insurance. Others may want to consider like a hybrid policy or a life insurance policy with some long-term care features built in. Some may choose to self-fund using their own resources. And I think it’s important to note that each approach can really involve different costs, benefits, limitations. So, you know, again, not one size fits all. Said that a couple of times today. And it’s an area for you know detailed professional guidance rather than that one size fits all answer. You know, and if you’re gonna do self-funding, I mean, it really does need to be intentional. Uh, the plan should identify which assets would be available, how care costs could affect a surviving spouse, and whether an extended need could be absorbed without putting other goals at risk. So that’s all part of the equation. And I’ll also add that these conversations, Tracy, are usually easier while everyone is nice and healthy and there’s time to discuss the preferences before a crisis occurs. And that is the wrong time.
Tracy Burke 23:28
Yeah, and I was gonna say that’s such a critical point, Brian, to have those conversations before something really happens. And, you know, you mentioned uh, you know, the checklist in the show notes earlier. Uh, there’s another great resource, and we’ll also put this in the show notes. Uh, this is one we stumbled across years back. Uh, it was created by an organization called the Institute for Healthcare Improvement. And they put out a piece that was called the Conversation Starter. And it’s really a guide that provides some great tips of how best to have some of these conversations with family members of how that care will work out. And Brian, you know, you mentioned um, you know, about some of those other hybrid policies that are out there. Uh, and in regards to pure long-term care insurance, it’s you know also important to note that over the years, fewer and fewer insurance companies have been offering these policies. And a lot of insurance companies have been getting out of the long-term care insurance business, and mostly because people are living longer and healthcare advances, of course, and that’s made the insurance claims become more costly to the insurance companies. And bottom line is they’re really not able to make enough of a profit to continue offering those policies. So as a result, you know, to buy those traditional long-term care policies, my goodness, they are massively expensive. So you you mentioned those hybrid policies, which is just really a combination of life insurance, long-term care uh benefits. If you don’t use the long-term care benefit, if you don’t use it during your lifetime, then when you pass away, the resulting life insurance payout is higher to your family members.
Three Households Put To The Test
Brian Graff 25:09
All right, Tracy. So we just covered six important risks to consider, but now let’s make this practical for our listeners. I’m going to describe three households, and I want you to tell me which risks should move to the top of the review list. These are general examples, remember, not personal recommendations. What do you think, Tracy? Yep, let’s do it. All right. So, scenario number one, we’ve got a household with young children. All right. And in this household, one parent earns most of the household income. The couple has two young children, a mortgage, workplace benefits, and limited emergency savings. What do you think?
Tracy Burke 25:46
Okay. So so the income risk and the family support needed, you know, and that risk is certainly jump out uh immediately there. And that basically just means, you know, reviewing disability and life insurance coverage, making sure that those uh are in good place in case something happens to that that main breadwinner, uh, followed by, of course, you know, not forgetting about health insurance and the property liability and all those type of things. Emergency reserves, um, you mentioned limited emergency reserves. That that’s important too. So, you know, having that cash to handle some manageable shocks that that come down everybody’s path at some point. Uh, while insurance may be considered for the losses, um, the the household obviously could not comfortably absorb.
Brian Graff 26:31
Excellent. Scenario number two, Tracy. Now we have a couple five years from retirement. So they’re they’re knocking on the door. And let’s in this scenario, say they have kids, but they’re they’re grown and hopefully moved out, right? For their uh for their benefits. So children are gone. Uh the couple, you know, they do have a remaining mortgage, uh, but they have significant retirement savings, uh, disability and life insurance through work. What do you what do you think for that couple five years away from retirement?
Tracy Burke 26:57
Yeah, so so this couple sounds like they’re pretty well prepared for retirement. So likely should you know ride out the remaining working years with probably just the coverage that their employer provides. Uh, likely don’t need any outside or excess, you know, uh private policy, so to speak, to supplement those workplace ones. Uh depending on the the remaining mortgage amount, you mentioned there is there is some mortgage, along with some legacy goals. Uh, they may need you know some life insurance, uh, but since they’re well prepared for retirement, uh probably limited amounts. And then again, health coverage, long-term care, that’s probably inching up the list, uh, depending on uh, you know, how close and and how prepared they are for that impending retirement.
Brian Graff 27:40
Yeah, absolutely. Sounds good sounds good, Tracy. So we got one more scenario to go through. Now we have a single retiree. Uh, they do have adult children living far away from them. So single person, adult kids, what jumps out of you? They’re in retirement.
Tracy Burke 27:55
Yeah, so again, that’s where long-term care planning of some sort doesn’t mean need to lead to long-term care insurance, but it’s that planning. And there’s questions that we talked about uh before, you know, who would coordinate the care, what support is is is nearby. Um, you know, where would that person live that moving, you know, changing locations, does that make any sense? Uh and and what are the financial resources that would be underlying all that to be used? So sometimes the the planning challenge is not just paying for the risk, it’s figuring out the who and the what and the how uh behind all of that.
Brian Graff 28:32
That’s right. Because even if the adult children don’t necessarily live far away, you have to make sure they’re they’re willing and they want to be involved in the in the care of that parent. So important considerations for sure. Nicely done,
Action Items And Key Takeaways
Brian Graff 28:44
Tracy. Why don’t we uh wrap up though with some action items like we always do? And if it’s okay, I’ll go ahead and start. So, first of all, we’re talking now specifically to our pre-retirees, so people that are still working. Um, you know, make sure you inventory your current coverages and note the purpose of each policy. You got to know why you put it in place to begin with. Uh, review all those coverages through your employer that could disappear and will disappear when you retire. And will there be any coverages that you really need to replace? Uh, stress test at least one major risk and ask yourself whether the retirement plan would still remain intact.
Tracy Burke 29:19
Yeah, and and then as folks transition and are in retirement, those needs, of course, change. So for retirees, think about, you know, and review whether, you know, if you have existing life insurance uh policy, still see if if that still serves its its original purpose. If you don’t need that coverage, uh if you if you did need it in the past, especially during your working career to handle some of those things, it doesn’t always mean that you need that same coverage into the future. Um, confirm you know, property liability coverage reflect what you own today. And we talked about that umbrella insurance policy. Maybe during, you know, earlier in your life when your asset base and net worth is lower, you might not need it. But if you have a nice nest egg, that might be something you want to consider uh in retirement. And then, you know, we just talked about long-term care, right? Have a plan, a place, discuss with your family members, and make sure everybody feels good about what’s what that might look like.
Brian Graff 30:15
Yeah. So I think one of the biggest takeaways, Tracy, from our conversation today is that insurance planning should really begin with the risk you’re protecting protecting against, not necessarily just the policy itself, right? Make sure you’re always reviewing the risk to your income, your family, your assets, and then ask which risk can you reasonably absorb and which ones could threaten the retirement plan that you’ve worked so hard to build. That’s the most important thing we want to stress today. Uh, and insurance, of course, as we indicated, should not be treated as just a one-time decision. Your coverage needs can and will change as your income changes, uh, your family, your assets, your health situation. And we certainly recommend talking with a qualified insurance, financial tax, and legal professional before you jump in and make decisions about your specific situation. You really want that expert guidance with these
How To Reach Us
Brian Graff 31:05
things. So, as always, folks, uh reach out to us with any questions or comments. You can hit us at podcast at conradseagle.com. We are here and we are happy to help. And please remember to share this episode with your friends, families, loved ones, and give us a five-star review if you haven’t already, right? And subscribe if, again, if you haven’t. So thank you so much, everyone, for staying with us on your journey to and through retirement. We’ll see you next time on the Real Talk Retirement Show.
Intro/Closing 31:34
Thank you for tuning into today’s show. The Real Talk Retirement Show is created and produced by Conrad Siegel, an advisory firm that specializes in helping people prepare for retirement and beyond. If you want to learn more about our work or meet the team, you can visit conradsegal.com. Information on this show is for educational purposes only and should not be considered personalized investment, tax, or legal advice. Before making decisions, you should consult with the appropriate professionals for advice that is specific to your situation.