CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
1021223-00006-00
Avraham "AY" Rappaport, CLTC
President, Financial Professional
Yaniv "Jay" Natanov
President, Financial Planner
Eli Rappaport
Vice President, Financial Planner
Shlomo Rosenstein
Financial Professional
Ozzie Marizan
Financial Planner
Joseph Greer
Employee Benefits Administrator
Dylan Pinsky
Client Relations Manager
Premier Financial
6395 Dobbin Road, Suite 102
Columbia, MD 21045
Phone: 240-309-6001
Email: dylan.pinsky@prudential.com
Website: premierfinancial1.com
January/February 2024
Planning for Expenses You Didn't Plan On
Do you like surprises? A retirement party organized by your coworkers — maybe. Needing to replace your HVAC system — not so much. Ideally, planning for unexpected expenses in retirement should begin long before you turn in your notice.
Your Budget in Turmoil
Some things that can disrupt your retirement spending plan are common problems. Home repairs and maintenance, a car that needs work, or higher property taxes can throw your budget off course. But what about events that you never anticipated, such as:- Unexpected Job Loss. Company downsizing and layoffs could force you to retire earlier than you planned.
- Relocation Costs. You may want to move closer to family or to a specialized facility for medical treatments.
- Health issues. You might have to retire sooner than you planned because of health issues or a disability.
- Death of a spouse. Loss of a spouse’s income could upend your finances.
- Home Renovations. You might have to make upgrades to your home to accommodate a disability.
Create a Retirement Budget
Creating a budget ahead of retirement will provide a snapshot of how much income you’ll have and how much you’ll need for living expenses. Review and adjust your budget periodically.Your Cash Reserve
An emergency fund should hold enough cash to pay for unanticipated expenses and living costs for a minimum of three to six months. An emergency account is something you should maintain throughout your lifetime and replenish whenever you use any funds.Create Passive Income
You may be able to generate extra cash by owning rental property. Owning stocks that pay dividends is another way to earn extra income. Favorable capital gains rates make dividend-paying stocks a good choice for extra cash.Estate Planning
Work with your legal professional to draft a will and name a personal representative to oversee the disposition of your assets. Having an estate plan ensures that your loved ones receive your assets when you die. Proceeds from life insurance can help support a surviving spouse.Periodic Financial Check-ups
Meet with your financial professional regularly to review your investments and financial plan and ensure your finances are on track and your investments reflect your risk tolerance and goals.1052405-00004-00
Premier Financial is not affiliated with Prudential Financial. Premier Financial sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Premier Financial is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Premier Financial and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Dylan Pinsky is employed by Eli Rappaport and not The Prudential Insurance Company of America or its subsidiaries.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
Premier Financial and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.