After experiencing my first hurricane (and coming out unscathed – thank you God), I realized how important it is to be well prepared for the unknown. While we knew about Irma coming towards us for quite some time; not knowing exactly where or how hard it would hit was nerve-wracking.
To prepare for Irma, I asked the experts – those who have experienced hurricanes. I purchased water, bought non-perishables, got cash, filled up my car with gas, made sure that my dog had enough food, and put up the shutters. Now it was time to wait. While Irma didn’t impact us due to heading west, do I feel that the preparation was a waste of time and money? Do I regret having cans of soup that I may not open for months? Not at all, because even though the worst didn’t happen, I was prepared for if it did.
I advise my clients and prospects who are preparing for retirement, expect the unexpected, prepare for the worst, and make sure that you have a stockpile of “non-perishables.” What do I mean by non-perishables when it comes to retirement planning? I refer to making sure that you have in your plan, money that is protected and can’t go “bad.” I am speaking about money that is protected against the storm of a stock market crash. Money which is guaranteed to be there when you need it the most.
Many many people will tell you not to worry about the market because it always “bounces back.” But, when it is your hard-earned money, and you no longer have the ability or the time to “rebuild” it becomes worrisome. Think about not having insurance on your home because you believe that in the last ten years no hurricane has hit your area and you don’t believe it ever will. What happens if a storm comes along and destroys your house and you have no insurance to rebuild? Suddenly, your plans have been either destroyed or at the least, taken a major direction that you were not prepared.
Therefore, I advise my clients who are at or near retirement age, to take a portion of their portfolio and place it in a product that can provide you the insurance and peace of mind that when the unexpected happens, your entire financial house isn’t destroyed
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