The prospect of suddenly having to face life with a disability that limits your ability to work in the way you’re used always seems unlikely. Disability is something other people face, maybe in old age, but not you. While disability insurance may seem unnecessary right now the facts give cause for the preemptive action.
Reviewing your benefit choices will maximize your employment benefits
Open enrollment for employee benefits kicks off this month. While you plan your Thanksgiving menu, review your benefit choices. Even if little changed in your life this past year, maximize what your employer offers.
Here are some pointers.
Because there isn’t a one-size-fits-all plan that could possibly fit the unique needs of every family, risk management is a process that focuses on the problem of risk at every level of a family’s lifestyle in order to ultimately arrive at a solution for each. Each risk calls for separate measures, which usually require separate forms of insurance.
Most financial planners agree that life insurance is essential for protecting families against financial loss, which is why many recommend purchasing the maximum amount needed at the cheapest cost using a term policy. Where they start to diverge in their thinking is in any discussion about life insurance as an asset.
The Social Security Administration announced on Thursday that the cost-of-living adjustment for 2020 will be 1.6%.
That number is less than what retirees have received in recent years. In 2019, they got a 2.8% bump, while in 2018 the increase was 2%.
Still, it’s better than zero, which retirees saw in 2010, 2011 and 2016.