How COVID-19 has strengthened my resolve


All of us have had varying reactions and experiences over the past few months as we found ourselves in our homes. Some have had their income stream reduced/stopped and some have also had to deal with these circumstances while ill. These are the potential problems that I assist clients with each day—the specific facts differ, but the concepts of planning for sufficient income, sufficient emergency cash reserves and sufficient life insurance coverage are basic tenets of a solid financial plan. Hopefully those of you who find that your planning is weak in one or more of these areas will address these shortfalls now. Specifically, review “The Seven Essentials” listed below. If you have not completed each task, call me, or your financial professional, and get to work on these important items once life returns to normal: The Seven Essentials: • I have completed my basic estate planning (Wills, Power of Attorney, Medical Power of Attorney). • I have an emergency fund for unexpected needs equal to 3-6 months of expenses. • I know how I would pay my bills for an extended period of time if my income stopped today due to illness or injury—disability income insurance is an important component of your plan. • My family could continue to live in the lifestyle we have created if I (or another breadwinner) were to die today—life insurance is an important component of your plan. • My financial plan is in written form and my goals and objectives are prioritized. • I have quantified my retirement goals and feel confident I will have sufficient funds for my “golden years”. • I can fully fund any long term care needs I (or my loved ones) may need—long term care insurance is an important component of your plan. Deborah E. Pajak, CFP®, ChFC®, CLTC, CDFA™ is a registered representative of and offers securities, investment advisory, and financial planning services through MML Investors Services, LLC, member SIPC. 5001 Louise Dr. Suite 300, Mechanicsburg, PA 17055 (717) 791-3300. CRN#202205-265430