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Jim Lentini: The foundation of your future needs

Business Commentary

Posted: March 15, 2011 1:55 a.m.
Updated: March 15, 2011 1:55 a.m.
 

The columns have provided information about life and health insurance issues that affect our live, and future-planning topics have been addressed. 

The following are the latest updates on three major areas that are the foundation of your future needs and planning: life insurance, health insurance and retirement planning.

Health insurance
In 2006, a major financial-planning company survey found that 46 percent of investors felt it was important for their adviser to have detailed knowledge of long-term care planning; and 39 percent said they would like to discuss health care coverage as well. However, only 8 percent said they were able to obtain long-term care information from their adviser.

Long-term care is an important factor to address in financial planning as it is projected to affect three of every five individuals over age 65.

This column also addressed estimates that a 65-year-old couple who retired in 2010 would need to have saved approximately $250,000 to $430,000 to cover medical costs in retirement.

This savings would cover the couple’s portion of out-of-pocket drugs, expenses not covered by its Part B and D coverage and premium. The amount does not include other health-related expenses, such as over-the-counter medications, most dental services and long-term care.

Life insurance
One of the most basic factors to cover in financial planning is to have an adequate amount of life insurance. This differs for each individual based on their needs, desires and estate needs.

Individuals purchase life insurance for their personal planning, business planning and protection of their estate for the benefit of their heirs to assure that state and federal estate taxes do not erode the value of what they have created.

Retirement planning
During our working years, most Americans either participate in their company-retirement plan or have their own individual retirement account or pension planning to supplement their income when they stop working.

Systematic deposits of some portion of earnings while working will make a difference in the lifestyle we desire after retirement. Of course, the more a person saves, prudently invests and protects their investments, the better the results.

In the early years, you’re “at work.” In the later years, you want your money working for you. As stated many times: “make a plan, and work the plan.”

In our current economic climate, it is most imperative that people work with their financial advisers in addressing all these issues.

These three topics and their importance will prove invaluable for you and your families. Planning will  help secure your future and protect your hard earned assets now and in the future.

Remember, keep our troops in your thoughts and prayers, do not forget what gave us our freedom and remember 9/11. “Those who forget history are bound to repeat it.”

Jim Lentini, CLU, ChFC, IAR is president of Lentini Insurance & Investments Inc. He can be reached at (661) 254-7633. His column reflects his own views and not necessarily those of The Signal.

Editor’s Note: As announced March 6th, The Signal is introducing several new business columns over the next two weeks. We would like to thank Mr. Lentini for his contribution of numerous columns over the years. Serving as a weekly columnist requires a significant investment of one’s time and we sincerely appreciate his dedication to that effort.

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