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Barbara Clark Stevenson

Rebalancing Your Portfolio Allocations 

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In today’s uncertain financial landscape and based on the market run-up we have seen the last few years, we believe it is more important than ever to establish a well-maintained portfolio that can help you reach your financial goals. Your portfolio needs to not only meet your need for capital, but also provide you with financial peace of mind.

While there’s no simple formula to help you figure out how your portfolio should be constructed, determining the right asset allocation should be the first step in the process. In order to properly ascertain your financial situation, there are a few important things to consider: age, time horizon, amount of capital to invest and future capital needs.

Another important thing to be aware of is your risk tolerance. Would you be willing to risk funds for the possibility of greater gains? While everyone wants to reap the rewards of high returns, not everyone can handle the high stress levels it can cause.

On the other side, avoiding investment risk isn’t always a wise decision. It is possible for portfolios to be too conservatively constructed, which makes them unable to provide the necessary long-term growth that is needed to outpace inflation and build wealth. Many investors seek absolute safety and keep their money in bank accounts, Certificates of Deposit (CDs) and other financial products without realizing that these “safe” choices may incur their own set of risks.

These risks include investment opportunity loss and the destruction of purchasing power resulting from inflation. When investors fail to take advantage of returns that a portfolio of growth investments can produce over time, this is called investment opportunity loss. Inflation can also hurt your investments, as it is often regarded as the silent destroyer of low-risk portfolios as purchasing power declines over time.

You need to find the right balance for you – one that satisfies your risk tolerance while also achieving an appropriate amount of growth and income.

At American Financial Investments LLC, we can help you create a financial strategy that fits your individualized investment objectives and goals. Allow our team to utilize our knowledge and experience to help manage your portfolio during various economic conditions and investment market cycles. Allow us to help you determine your risk tolerance using proprietary surveys, analyzing your finances and discussing your retirement and financial goals in depth.

We believe that your best bet for steady, long-term growth of your investments is having a well-diversified portfolio. This can help protect your assets from the risks of large drops and structural changes in the economy over time. When you work with the right financial professional, they can help you diversify, make adjustments when necessary and help increase your odds for long-term financial success. QCBN

By Ronald Stevenson and Barbara Clark Stevenson

Ronald F. Stevenson & Barbara Clark Stevenson own American Financial Security, LLC and American Financial Investments, LLC, a Registered Investment Advisor in the State of Arizona. They specialize in Retirement Income Planning, Social Security Maximization, Tax Free Income Design, Personal & Corporate Tax Preparation and Planning.  For more information, call 928-771-8368 or visit AFSprescott.com, 3112 Clearwater Dr., Suite B, Prescott, AZ 86305

Discussing the Number One Concern About Retirement 

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Baby Boomers are retiring at astonishing rates and are looking for ways to replace their steady paycheck. They are worried about the potential of Social Security diminishing and what might happen to their retirement if it does. At American Financial Security, we believe that the number one concern for most pre-retirees and retirees is outliving their money. It is important to safeguard your retirement so you do not have to worry about outliving your retirement income.  

At American Financial Security, we take a holistic approach to retirement planning and a major part of that is trying to plan for the future. Nobody can predict the future, but by preparing for the future financially, you may be saving yourself from potential financial hardship. Essentially, creating income that you won’t outlive will be the result of strategic, innovative and purposeful retirement planning. 

There are various ways we help our clients work towards safeguarding their retirement. First, we like to encourage clients to revisit their retirement plan. People who planned their retirement years ago think that what they decided on then is still applicable to their situation now. However, situations change, and we believe it is important to always check on your retirement plan to make sure it meets your current and/or new needs.  

The next step is to determine what your daily income entails by first knowing how much you need and when you need it. Knowing how much you need and when is different for everyone. A general rule of thumb is that a retiree will require 70 to 80 percent of their pre-retirement income to maintain their current lifestyle. Once you figure out what the amount is you need and when, the next step would be to find beneficial investment strategies, options and tools to help you achieve your income goals. 

There are a handful of ways to fill your need for income in retirement. Social Security is one of the better-known ways. Social Security is the foundation of income planning for anyone who is about to retire and can be a reliable source of income. Having a solid understanding of your Social Security benefit can help safeguard your retirement by allowing you to make informed decisions that will allow you to maximize your benefit. 

For many Americans, finding dependable income to bridge their income gap in retirement can be a daunting and overwhelming process, but it doesn’t have to be. We help our clients develop a comprehensive understanding of Social Security so they can rest assured they are triggering their benefits in the way that’s best for them. The importance of maximizing your Social Security benefit really cannot be overstated. For some people, the difference can literally be thousands of dollars, and when it comes to retirement planning, every penny counts. 

Another way we help clients is by sharing with them how they could benefit from a fixed index annuity. Fixed index annuities are specifically designed to create income – either today or at some point in the future. When you place a lump sum into a fixed index annuity, the plan can be custom designed to help provide you with the ongoing income you need, for as long as you need it.   

A fixed index annuity may be an invaluable component of your retirement plan, helping you to safeguard your assets and your future. In order to help ensure you purchase the fixed index annuity best suited to your needs, it’s important you understand its fundamental concepts. A fixed index annuity can help provide the necessary income you need to maintain your quality of living after you retire. 

Is it very important to have a retirement plan addressing ways to have income for life in order to safeguard your retirement? Finding the most efficient and beneficial way to address this may impact your lifestyle, your asset accumulation, and your legacy planning after you retire. QCBN 

 

*Annuities are designed to be long-term investments and frequently involve surrender charges. Early withdrawals may impact annuity cash values and death benefits. Taxes are payable upon withdrawal of funds.  An additional 10% IRS penalty may apply to withdrawals prior to age 59 ½. Annuities are not guaranteed by FDIC or any other governmental agency and are not deposits or other obligations of, or guaranteed or endorsed by any bank or savings association. With fixed annuities, both the money you invest and the interest paid out are guaranteed by the claims-paying ability of the insurer. Investors should consider the investment objectives and expenses of a fixed index annuity carefully before investing.  

By Ronald Stevenson and Barbara Clark Stevenson 

Ronald F. Stevenson & Barbara Clark Stevenson own American Financial Security, LLC and American Financial Investments, LLC, a Registered Investment Advisor in the State of AZ.  They specialize in Retirement Income Planning, Social Security Maximization, Tax Free Income Design, Personal & Corporate Tax Preparation and Planning.  For more information, call 928-771-8368 or visit AFSprescott.com, 3112 Clearwater Dr., Suite B, Prescott, AZ 86305 

 

  

Using Life Insurance for Financial, Tax Planning  

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Do you have a financial plan set up to protect your loved ones after you pass away? With a well-thought-out life insurance plan, you can do just that. The purpose of life insurance is to help provide a measure of financial well-being for your family and loved ones when you are no longer there. With the purchase of a carefully planned life insurance policy, you can help ensure that your family and loved ones will be taken care of. 

Life insurance offers two essential benefits. First, it offers protection for your family from the financial hardships if you were to pass away. Secondly, certain types of life insurance policies offer wealth accumulation features. Not only can life insurance benefit your family in the event of your passing, but it can also benefit you as a key component in your financial portfolio. 

In addition, there are two terms commonly used when discussing life insurance: term and permanent. Term insurance is the most commonly one used. This insurance policy is when you purchase a certain death benefit that will go to your heirs upon your death that typically lasts for 10 to 20 years. Once you reach the end of that term, you no longer have insurance unless you purchase another policy. The other term used is permanent insurance. This type of insurance is permanent as long as the premiums continue to be paid. Permanent insurance generally has higher premiums than term insurance for the same amount of death benefit coverage. 

Life insurance enjoys a unique status among financial products. It may provide you with an array of benefits such as providing for funeral costs and final medical bills, along with helping with life expenses for your dependents and/or survivors. But, what really sets it apart from other financial options is that it receives advantageous tax treatment unlike any other financial tool.  

This little known or discussed tax asset holds some of the greatest value for your financial lives, both during life and upon death. After purchasing a life insurance policy, your loved ones will be provided with a financial windfall from the life insurance company when you pass to help them with your final expenses and carry on with their lives comfortably. One of the best parts about the life insurance windfall is that nobody will have to pay tax on the money they receive. This is one of the greatest tax-advantage devices available. Many “new” permanent life insurance policies allow you to use the death benefit as a living benefit for long-term care costs. This feature or benefit can be beneficial in deciding if life insurance is right for you versus other investments.    

Additional tax benefits on a life insurance policy is that there are no current income tax on interest or earnings, no income tax on the borrowed cash value and no income tax on proceeds. However, in certain situations, life insurance death benefits may be partially or wholly taxable.  

As an independent insurance firm, we are able to shop dozens of insurance carriers to find the best rates and product solutions to fit your specific needs and goals. In addition, we offer complimentary reviews on your existing life insurance contracts. QCBN 

 

By Ronald Stevenson and Barbara Clark Stevenson 

About the Authors: Ronald F. Stevenson, Investment Advisor Representative & Barbara Clark Stevenson own American Financial Investments, LLC, A Registered Investment Advisory Firm.   They specialize in Professional Investment and Portfolio Management, Retirement Income Planning, Social Security Maximization, Tax Free Income Design, Annuities, Personal & Corporate Tax Preparation and Planning.  For more information, call 928-771-8368, 3112 Clearwater Dr., Suite B, Prescott, AZ 86305 

or visit our website: AFSprescott.com. 

 

Investment advisory services offered through American Financial Investments, LLC a Registered Investment Advisor in the State of Arizona. Insurance products and Tax services are offered through American Financial Security, LLC.  American Financial Investments, LLC and American Financial Security, LLC are affiliated companies. 

 

 

 

 

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Re-Balancing Your Portfolio Allocations   

By Leave a Comment

In today’s uncertain financial landscape and based on the market run up we have seen in 2017, we believe it is more important than ever to establish a well-maintained portfolio that can help you reach your financial goals. Your portfolio needs to not only meet your need for capital, but also provide you with financial peace of mind.  

While there’s no simple formula to help you figure out how your portfolio should be constructed, determining the right asset allocation should be the first step in the process. In order to properly ascertain your financial situation, there are a few important things to consider: age, time horizon, amount of capital to invest and future capital needs.  

Another important thing to be aware of is your risk tolerance. Would you be willing to risk funds for the possibility of greater gains? While everyone wants to reap the rewards of high returns, not everyone can handle the high stress levels they can cause.  

On the other side, avoiding investment risk isn’t always a wise decision. It is possible for portfolios to be too conservatively constructed, which makes them unable to provide the necessary long-term growth that is needed to outpace inflation and build wealth. Many investors seek absolute safety and keep their money in bank accounts, Certificates of Deposit (CDs) and other financial products without realizing that these “safe” choices may incur their own set of risks.  

These risks include investment opportunity loss and the destruction of purchasing power resulting from inflation. When investors fail to take advantage of returns that a portfolio of growth investments can produce over time, this is called investment opportunity loss. Inflation can also hurt your investments as it is often regarded as the silent destroyer of low-risk portfolios as purchasing power declines over time. 

You need to find the right balance for you – one that satisfies your risk tolerance while also achieving an appropriate amount of growth and income.  

At American Financial Investments LLC, we can help you create a financial strategy that fits your individualized investment objectives and goals. Allow our team to utilize our knowledge and experience to help manage your portfolio during various economic conditions and investment market cycles. Allow us to help you determine your risk tolerance using proprietary surveys, analyzing your finances and discussing your retirement and financial goals in depth.  

We believe that your best bet for steady, long-term growth of your investments is having a well-diversified portfolio. This can help protect your assets from the risks of large drops and structural changes in the economy over time. When you work with the right financial professional, they can help you diversify, make adjustments when necessary and help increase your odds for long-term financial success. QCBN   

By Ronald Stevenson and Barbara Clark Stevenson 

 

Is it Time to Schedule a Retirement Checkup?

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When was the last time you reviewed your financial life? In the same way that it’s important to go to the doctor for a physical, comprehensive retirement check-ups are crucial to your financial success down the road.

In today’s technology-driven world, it’s easy to put your finances on autopilot. From automatic deposits, online statements and automatic 401(k) contributions, it can be easy to leave your retirement plan unsupervised.

But, how do you go about starting the retirement check-up process? Well, first and foremost, you need to consider what your goals are. Whether you want to travel, have a winter home in a warm state, etc., it’s important to have goals to frame your retirement plans around.

Another important part of a check-up of your retirement is to monitor your account balances. Most of your retirement accounts are accessible online now, so log in and see how much you are saving and the value of your accounts. Obviously, the more you squirrel away now, even if it’s only a few extra dollars here and there a month, means the possibility for more money in the future.

You may want to consider increasing your contribution amounts, even if by just a few percentage points. Some accounts allow you to set up automatic increases to your contribution that can go into effect each year.

Another aspect of your retirement check-up should be to ensure that your investment strategy makes sense. Staying in conservative investments may be appealing – especially to your emotions that may fear market crashes, but the yields that you will earn on overly conservative investments can be too low to provide the income and purchasing power that you may need down the road. This is especially true when you take inflation into consideration, or consider that your retirement may last over 30 years with the life expectancy rates of today.

When it comes to investing, you just need to find the right balance. At American Financial Investments, LLC, we can help categorize your assets so that they are in a good position to help you reach your retirement goals.

When you choose to work with a financial services professional, they are able to assist you in creating financial plans that will work for your unique situation. You may want to consult a trusted financial services professional to help you check up on your finances. QCBN

By Ronald Stevenson and Barbara Clark Stevenson

Ronald F. Stevenson & Barbara Clark Stevenson own American Financial Security, LLC. They specialize in Retirement Income Planning, Social Security Maximization, Tax Free Income Design, Personal & Corporate Tax Preparation and Planning. For more information, call 928-771-8368 or visit
AmericanFinancialSecurity.net, 3112 Clearwater Dr., Suite B, Prescott, Arizona 86305.

All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions.

Retirement Planning: The Big Picture

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As a future or current retiree, it is important for you to take into consideration the big picture of your retirement planning. Once you have the full picture, it helps you make more detailed and necessary decisions to achieve the retirement for which you have worked your whole life.

One of the first steps to take when planning your retirement is to find a financial professional who puts your needs and interests first. At American Financial Security, we take your whole financial and tax position into consideration and actively help you meet your retirement goals and objectives.

The next step we encourage is to collect and organize all your important documents. Making sure your documents are accounted for and managed is a great step on the path to a comfortable and well planned retirement. Unfortunately, this step is overlooked far too frequently.

Often, it’s only when tax season rolls around, or when a move happens, or a death in the family occurs, that people start really paying attention to the essential documents they may have. Having all your resources and documentation organized will allow your financial professional to provide you with the tools you need to make the decisions to help guide and prepare you for retirement.

Another essential step to take is to figure out how much money you will need in retirement and where it will come from. Many of our clients are confused about not only how much they have in terms of financial assets, but also how much they will need when they retire. Every client is different. By assessing each client on an individual basis, it allows us to properly evaluate each person’s situation to make a proper financial recommendation that will best prepare them for or assist them in retirement.

Most of our clients have some assets on which they can rely, maybe in their savings, a retirement account, or in other financial investments, but this often isn’t enough to provide them with a lifetime’s worth of retirement income. In other words, a shortfall often exists between the amount of money you have and the amount of money you will need during retirement. This shortfall is known as the income gap, and we work with our clients to help them develop strategies to fill it.

An important strategy to plan for is knowing what your Social Security benefit is and how to maximize it. This is important because Social Security can play a large role in helping bridge the income gap in retirement. Making the wrong Social Security decisions, like triggering your benefit at the inopportune time, may impact whether you are able to collect your maximum benefit.

Social Security has a significant impact on retirement planning. It is difficult to talk about retirement planning without also talking about Social Security and vice versa. The most common and challenging decision regarding Social Security is knowing when to apply for benefits. Knowing when to apply for your Social Security benefits can make a financial difference in your retirement. You can begin to receive early benefits from Social Security at age 62. However, depending on your life span, if you choose to take your benefit right at 62, it could drastically reduce the amount of Social Security you receive over your lifetime.  Also taking Social Security and working prior to full retirement age may have an impact on your benefits.

At American Financial Security, we take a holistic approach to retirement planning. A major part of that is trying to plan for the future. We like to plan for what inflation will look like, what health care costs may look like in retirement and, if debt is acquired in retirement, how it will be paid off.

Nobody can predict the future, but by preparing for the future financially, you may be saving yourself from future financial hardship. QCBN

By Ronald Stevenson and Barbara Clark Stevenson

Ronald F. Stevenson & Barbara Clark Stevenson own American Financial Security, LLC. They specialize in Retirement Income Planning, Social Security Maximization, Tax Free Income Design, Personal & Corporate Tax Preparation and Planning.  For more information, call 928-771-8368 or visit
AmericanFinancialSecurity.net, 3112 Clearwater Dr., Suite B, Prescott, Arizona 86305.

Creating Your Own Retirement Plan 

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Saving for retirement has become much more simple with automated savings for accounts like 401(k)s, but what do you do if you’re self-employed or work at a company that doesn’t offer a retirement plan? According to a study by the Employee Benefit Research Institute, fewer than half of American workers participate in an employment-based retirement plan.  

Whether you work for a small company that doesn’t offer retirement options, you’re a part-time employee that is ineligible for benefits, or self-employed and don’t know where to begin, there are other ways you can plan for the retirement you’ve wanted.  

One of the first options to consider an individual retirement account (IRA), whether it is a traditional or Roth IRA. Traditional IRAs allow you to make contributions with money that you can deduct on your tax return, and the earnings grow tax-deferred until you begin making qualified withdrawals. Roth IRAs, on the other hand, let you contribute to an account with money that has already been taxed, so your withdrawals in the future can be tax-free. IRAs can be great investment vehicles, especially those without an employer-sponsored plan.   

Another option is a solo 401(k), also known as individual 401(k)s or self-employed 401(k)s. These accounts can be appealing because they have high contribution limits and you can make more contributions as both the employee and employer, for those who are self-employed. It can be slightly challenging to navigate through the paperwork and guidelines for these plans, but they can be a good opportunity to save a significant amount of your earnings.  

Aside from IRAs and solo 401(k)s, you could consider a taxable brokerage account, which allows you to  invest in the market in the same way that you would with a retirement account. Unlike retirement accounts, however, they aren’t tax-advantaged and you will have to pay taxes on any earnings from dividends or capital gains. There are no limits on contributions with taxable brokerage accounts, which make them good options for those who have already maxed out IRA contributions.  

There are plenty of retirement savings options available to you, regardless of the plans available to you at your job. At American Financial Investments, LLC, we are dedicated to providing you with personalized financial solutions that fit your individual needs. We will help you determine which investment vehicles would work best for you and your retirement goals, and we can find any potential shortfalls that you may have, and devise a plan to help overcome them.   

It may seem stressful and overwhelming to plan for retirement when you aren’t set up with an employer-sponsored plan, but with the right help, you can create a strategy that will help your finances and retirement plans stay on track. QCBN 

 

By Ronald Stevenson and Barbara Clark Stevenson 

Ronald F. Stevenson & Barbara Clark Stevenson own American Financial Investments LLC. American Financial Investments LLC offer Retirement Income Planning, Social Security Maximization, Personal & Corporate Tax Preparation and Planning.  For more information, call 928-771-8368 or visit AmericanFinancialSecurity.net, 3112 Clearwater Dr., Suite B, Prescott, AZ 86305.  

 

Advisory services are offered through American Financial Investments LLC a Registered Investment Advisor in Arizona. Insurance products and services are offered through American Financial Security, LLC. American Financial Investments LLC and American Financial Security, LLC are affiliated companies. American Financial Investments LLC and American Financial Security, LLC are not affiliated with or endorsed by the Social Security Administration, or any other government agency.  

 

On Track for the Retirement You Want

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When it comes to being prepared for retirement, you may not be as set as you think. According to TIAA’s 2017 Lifetime Income Survey, fewer than half of Americans are aware of how much they have saved for their golden years.

Now is the perfect time to sit down and analyze your current financial picture and see how it stacks up to where you hope to be when you reach retirement. But where do you start?

A good first step is to look at what you have saved thus far – this includes anything in your 401(k), 403(b) or an individual retirement account (IRA) you might have. If you haven’t started putting away money for retirement, it may be a good idea to start allocating some of your income to one of these types of accounts.

The next step is to add up any other assets you have, from your house to other valuables like your car or jewelry. You can also add in any income that you are expecting to have in the future, such as an inheritance that you know about, your projected Social Security income or a pension that you may have. All of these have to be taken lightly, however, since it may be too soon to know what some of those figures are in detail.

After you have tallied all of your net worth and have a good idea of what you have saved, the next step is to compare this to your target retirement number. If you aren’t sure of how much you will need in retirement, we can help you! At American Financial Investments, LLC, we are dedicated to providing you with personalized financial solutions that fit your individual needs. We will help calculate how much you will need down the road, based on factors like your age, current savings rate, expected retirement age and the lifestyle you hope to have in retirement.

We can analyze your situation and find potential shortfalls that you may have, as well as devise a plan to help overcome them.

It may seem stressful and overwhelming to look at your finances, but you may find that you’re on track, or that you have to up your game in order to meet your goals. Either way, it’s better to know now because the older you get, the harder it is to catch up. Preparing for retirement is an ongoing process that requires thoughtful planning and adjustments may have to be made along the way. The right financial professional can evaluate your financial picture and develop a plan tailored to you and your goals to help you live more comfortably in retirement. QCBN

By Ronald Stevenson and Barbara Clark Stevenson

Advisory services are offered through American Financial Investments LLC a Registered Investment Advisor in Arizona. Insurance products and services are offered through American Financial Security, LLC. American Financial Investments LLC and American Financial Security, LLC are affiliated companies. American Financial Investments LLC and American Financial Security, LLC are not affiliated with or endorsed by the Social Security Administration, or any other government agency.

 

 

Do You Feel Prepared for the Cost of Long-Term Care? 

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According to Genworth Financial, the average annual cost of a private nursing home room in the United States is $92,378, while a home health aide runs about $45,760. Many people assume that Medicare and other forms of health insurance will cover these costs, but in reality, long-term care is not considered a medical expense and Medicare will only cover certain aspects.  

Medicaid will help many seniors pay for long-term care, but in order to qualify you will have to spend most of your assets, which is not what anyone has in mind for their ideal retirement. 

Long-term care covers a host of varying services that one may need, ranging from in-home care and adult day care to assisted living or nursing home care. It is generally regarded as hands-on assistance that lasts for an extended period of time for those who can no longer care for themselves because of disabilities, illness or cognitive impairments.  

Are you confident that your finances can withstand the burden of long-term care costs? Regardless of what type of care is required, all forms of long-term care can hit your finances hard. 

The Employee Benefit Research Institute reports that the average retirement shortfall for Baby Boomers is roughly $50,000 – but this rises dramatically when nursing home and home health care expenses are added. With these figures, it’s clear to see why people are worried about having enough money to cover their retirement.  

At American Financial Investments, LLC, we are dedicated to providing you with personalized financial solutions and making sure that your plans can provide for you down the road. We are committed to helping you prepare for all of the potential costs you will face in retirement, including health and long-term care.  

Although retirement planning can be stressful, trying to predict future health expenses doesn’t have to be. Choosing to work with the right financial professional who can evaluate your unique financial situation and develop a plan tailored to you and your goals can help you live more comfortably in retirement. QCBN 

 By Ronald Stevenson and Barbara Clark Stevenson 

Ronald F. Stevenson & Barbara Clark Stevenson own American Financial Security, LLC. They specialize in retirement income planning, social security maximization, tax-free income design, personal & corporate tax preparation and planning. For more information, call 928-771-8368 or visit AmericanFinancialSecurity.net, 3112 Clearwater Dr., Suite B, Prescott, AZ 86305. 

 

Ronald F. Stevenson offers Advisory services through American Financial Investments LLC, a Registered Investment Advisor in Arizona.  

Insurance products and services are offered through American Financial Security, LLC.  

American Financial Investments LLC and American Financial Security, LLC are affiliated companies. 

American Financial Investments LLC and American Financial Security, LLC are not affiliated with or endorsed by the Social Security Administration, or any other government agency.  

 

Understanding the Financial Impact of Losing a Spouse 

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Losing a spouse is a painful and overwhelming event, and it can be both emotionally and financially shattering. According to a recent study by the Journal of Financial Service Professionals, the average age of widowhood is only 59.4 years, and 80 percent of married men will die while married. Their wives are often unprepared for such an event. 

How can you plan for a loss of a spouse?  

First, it’s important to gather and organize all of your financial records so that they are easily accessible to those that will need them. Be sure that you are on the same page about your retirement resources like Social Security benefits, IRAs, pensions and basic legacy planning documents such as wills and powers of attorney.  

Another helpful part of the planning process is to sit down with your spouse and consider what would happen if one of you passes soon after retirement. This allows you to plan a creative budget that is centered on one income and one source of benefits.  

But what if you are currently dealing with the crisis of losing your loved one? Thankfully, there are some steps you can take that can help you regain control of your financial life. 

It’s tricky to know where to begin, but after you lose a spouse you should revise your legacy planning, property and other legal documents to remove your spouse. You will also need to review any beneficiary forms that you have, make adjustments to your living expenses, cancel any credit cards your spouse had and apply for any applicable benefits, such as pension, life insurance or possible Social Security benefits.  

At American Financial Investments, LLC, we understand the flood of emotions that can accompany the pain of losing a spouse and make the burden of managing financial obligations seem almost unbearable. We work hard to help alleviate some of those challenges and keep your situation as organized as possible.  

Planning for or reacting to a spouse’s death can be a daunting task that you’d rather not deal with, but working with the right financial services professional can help when it comes to evaluating your unique financial picture and developing a plan tailored to you and your goals. QCBN  

 

 

By Ronald Stevenson and Barbara Clark Stevenson