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Protecting and nurturing my family is the most important thing I’ve ever done. I still want to care and provide for them. | By Linda
I like to reflect on things I’m thankful for: Friends, a good job, family. In fact, family most of all.
It was my dad who truly taught me the value of family. He used to say, “Family is more than blood. It’s a union of committed people. They take care of you, and you take care of them.” He died when I was just fifteen. A car accident. But a day later, my mother came into the bedroom that my sister Elli and I shared. She was teary, but she said everything would be all right. Dad had worked hard and planned well. We could stay in our home. We could continue our lives.
As I grew up, I worked hard too. I did well in school. Got my MBA. And I’ve had a great career as a marketing director for a major retailer. But none of that success means as much to me as my husband Anthony and two girls, Amelia and Brianne. I want to be to them what my dad was to me. In so many ways, they take care of me. I want to take care of them. And as the family’s major breadwinner, I’ve done that. It’s something I’m very proud of. But the closer my husband and I get to retirement, I also realize I need to take care of me, of my future. How do I balance those two things? Women often live longer than men, so I might be without Anthony for several years. And the kids? I want to leave them as much as possible.
Anthony knew I was thinking about all that. He was, too. So he suggested we talk to our financial professional*, Darlene. She’d done well by us over the years, helping us build our investment portfolio. And she’d been instrumental in that first step most families take in protecting their financial security: the purchase of life insurance to make up for lost income if Anthony or I should unexpectedly pass away.
As we discussed our concerns moving toward retirement, Darlene had some new suggestions for us to consider. First, she reminded us that contributing to a sound retirement savings strategy was also a form of protection for the family. As long as we’re financially set, we’ll never be a burden on our kids. So she suggested a variety of options for maximizing the growth of our savings. One was an annuity. It not only enabled us to grow our retirement assets faster through the power of tax deferral, it allowed us to provide a guaranteed source of income to supplement our retirement savings. Darlene also reminded us that the cornerstone to a solid financial plan was life insurance. She worked with us to get the right coverage for our needs so our kids would be taken care of if we died prematurely. She even suggested long-term care insurance, so that elder care expenses wouldn’t eat into the money that, otherwise, Amelia and Brianne would eventually inherit. My mom was in a nursing home, so I know how draining those expenses can be.
So now, we’re incorporating those suggestions into our retirement planning. It’s funny: I used to think that retirement planning was all about meeting my own personal needs. Maybe it is for some people. But I’m glad, with the right strategy, that it can also be about taking care of the people who matter most to me.
Being happily retired looks different for everybody. Maybe you want steady retirement income that lasts or supplemental income to help you meet the unexpected in life.
LEARN MOREYou don’t know what the future has planned for you, but you want to be prepared for the unexpected and be able to achieve your goals.
LEARN MOREYou want your business to maintain its competitive edge. Attracting talent and building a succession plan for the future means you can ensure your business stays in stable hands.
LEARN MOREBeing happily retired looks different for everybody. Maybe you want steady retirement income that lasts or supplemental income to help you meet the unexpected in life.
LEARN MOREYou don’t know what the future has planned for you, but you want to be prepared for the unexpected and be able to achieve your goals.
LEARN MOREYou want your business to maintain its competitive edge. Attracting talent and building a succession plan for the future means you can ensure your business stays in stable hands.
LEARN MORE*In order to sell life insurance, a financial professional must be a properly licensed and appointed life insurance producer.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues.
Pacific Life's Home Office is located in Newport Beach, CA.
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