It’s said that there are three different financial phases of your life known as accumulation, preservation and distribution. In this short blog series, we will explore what you can anticipate during each of these phases.
The accumulation financial phase of your life happens when a person earns the money that he or she will need to rely on in the future for retirement and long-term care cost.
There are many different life milestones that can be achieved during this phase, including the purchase of a first or second house, moving up the corporate ladder or changing jobs, taking on the role of a parent, managing student loan debt or moving into tax deferred retirement planning in the early phases.
No one should risk their financial future without considering all of the ways that they can protect themselves. During the accumulation phase, for example, you might also invest in a life insurance policy, a disability policy, your retirement plan and the development of your critical estate planning tools.
Accumulating these resources to deal with the possibility of long term care cost, including deciding whether or not the purchase of a long-term care insurance policy is right for you, is another aspect of the accumulation phase. If you need help from an estate planning lawyer, schedule a meeting today.