Another area of financial planning that often goes overlooked and as a result underutilized is risk management. Risk Management typically involves the use of some form of insurance to protect and manage the risks associated with the unexpected life events, illness or other disruptive events that occur without warning.
A properly planned and funded risk management strategy can make the difference to a family, or even future generations when it comes to sustaining lifestyle and meeting collective needs. That's why it is surprising that so few people place an emphasis on risk management and the ongoing impact it can have. Often the thought of paying for protection against the unknown appears to be fruitless, that is until the day comes that you actually need to utilize the coverage you never thought would be necessary.
There are many cost effective options and the benefits varying widely depending on vehicle, company or even duration of coverage. We partner with various national firms all whom we know well and have solutions that meet the needs of our typical prudent client who is in or will be approaching retirement. There are two aspects of risk management that we focus on and as such it is in these areas that we are able to assist our clients' when applicable.
With the average American living significantly longer than previous generations there is an increased concern and plausible reality that one could outlive their money due to unforeseen circumstances that are beyond their control. We work closely with all of our clients to address this potential pitfall and ensure that such an eventuality never comes to pass.
We believe in the power of strategic solutions as a means to an end when implementing plans on our clients' behalf and both Long Term Care and Health Insurance act as vehicles of choice in this pursuit. We work with a variety of partners who provide a broad spectrum of options and customization opportunities in the long term care arena. RSC also offers individual health plans to sole-proprietors, but we also have the ability to offer business owner clients a full array of options for their employees regardless of how large or small their organization may be. We are fortunate to represent a wide-array of providers, all with the ability to deliver a full range of options regardless of desired service, price and necessary flexibility.
In a pragmatic sense behind every comprehensive retirement plan there is at a minimum a complete assessment of your risk management circumstance. The assessment helps your Financial Planner confirm that you and your family have adequate coverage and that you can be confident that regardless of what the future holds your life and your retirement can proceed as planned.