Sometimes I read things for a bit of perspective and I happened to be reading the “Investing Monthly” section in The Wall Street Journal the other day. Inside, there was an article that inspired me titled “What Will We Do if One of Us Dies First? Do We Need a Plan B?”
I had an early morning discussion with a team member about this article. People believe that life will just continue on the way it always has. But during our discussion, I said I will need my creator to give me strength during the next 20-30 years of my life as I walk clients through difficult times because I have begun seeing more and more difficult events occurring for clients. I remember the woman who was strong-willed and focused when I first met her, but today she’s not necessarily recalling her name. I remember the attorney that I used to regularly work with, but suffered a stroke before retirement and lost his ability to communicate.
Everything goes well, until it doesn’t. The stock market keeps on going up, until it doesn’t. The road is smooth, until it isn’t. Some hardships may affect some individuals, but not others, but many people don’t want to think about needing a “Plan B”. Typically, married couples plan to travel down their road of retirement unencumbered by the reality of life. They think that life will continue on just fine. As it always has. Until it doesn’t. This is a very difficult conversation for people to have because we often can’t visualize or imagine these things ever happening to us. For Social Security benefits, when one person dies, the remaining spouse loses that additional income. They don’t lose any expenses, like their real estate taxes. They don’t lose the cost of warming or cooling their home. Most expenses continue without their partner's additional income. So, the question is: Have you had a serious conversation with your spouse? Have you thought it through? Have you thought about a “Plan B”?
We all need to plan for the inevitable. One day, many of us will realize that we are now alone. Do we have the financial resources to go it alone? Do we have a community that will make certain that we are still connected to the outside world and that we don’t become trapped in our own little space? Do we have a “Plan B”?
Tough conversations and tough decisions will have to be made before “Plan B” may be needed. If you would like to have some “Plan B” discussions, perhaps it’s time to schedule your Financialoscopy®.
