To achieve your financial security, and that of your family, you will need to create a comprehensive strategy.
And you’ll need to guard this strategy from various challenges – which means you’ll need to build in different layers of protection.
For starters, you’ll want to protect your ability to achieve your goals.
To do so, you’ll need to develop an investment portfolio that’s appropriate for your objectives, risk tolerance, and time horizon.
And to protect your family’s future well-being in case something happened to you, you’ll need adequate life insurance.
Also, to protect your income in case you became temporarily disabled, you may need disability insurance.
You’ll also want to protect your IRA and 401(k) from being used for short-term needs, such as an expensive home repair.
You can help avoid this threat by building an emergency fund containing three to six months’ worth of living expenses.
Finally, protect your financial independence from the threat of long-term care, such as an extended nursing home stay.
A financial professional can offer appropriate strategies.
It can be challenging to keep your financial strategy intact – so do whatever it takes to protect it.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson. Member SIPC.
