1. Financial Health Checkup
2019 WVASFAA
Spring Conference
Stonewall Resort
March 26-28, 2019
Financial Health Checkup
Presented by:
Amber shor, CLTC, First United Bank & Trust
Passing the Torch – Taking Our Resources and Community Higher
Passing the Torch - Taking Our Resources and Community Higher

2. Pyramid of Needs
Over a lifetime, most people experience many different financial needs that can summarized into three stages: risk management, wealth accumulation and wealth preservation and distribution. A foundation of risk management is the key to protecting yourself and those you care about against the financial challenges associated with injury, illness and the risk of outliving their income.
Passing the Torch – Taking Our Resources and Community Higher
Passing the Torch - Taking Our Resources and Community Higher

3. Risk Management Health Insurance Disability Insurance Life Insurance
Long Term Care
Emergency Fund
Passing the Torch – Taking Our Resources and Community Higher
Passing the Torch - Taking Our Resources and Community Higher

4. Life Insurance
Covers debt, funeral expenses, and income replacement. It covers the needs of your family when you are gone.
You either LOVE someone or OWE someone!
Term ~ Inexpensive, Increasing cost
with age, and only enforced for a set amount of time.
But…. “What if you live…?”
Permanent ~ builds cash value, earns dividends, level premiums, lasts as long as live.
Passing the Torch – Taking Our Resources and Community Higher
Passing the Torch - Taking Our Resources and Community Higher

5. Long Term Disability Insurance
Protect your most importance asset:
The ability to earn an income!
If you were sick or injured and could not work, what would you do?
How long would your savings last if your income stopped?
What impact would it have on your retirement?
Could you afford to take a 6 month vacation?
Do you think your employer would continue to pay you if you couldn’t work due to an injury or illness?
Group Long Term Disability (Employer Plans)
Usually covers 60% of Income (Taxable, Hard to qualify for full amount, and Coverage is limited)
Individual Long Term Disability Coverage (can supplement group and bump up to 80% of income, Tax-free, Coverage is flexible, and lasts until retirement)
Passing the Torch – Taking Our Resources and Community Higher
Passing the Torch - Taking Our Resources and Community Higher

6. Long Term Care
Protect the emotional, physical, and financial well being of your family.
Currently $7,000 a month for LTC costs in WV.
Covers: In Home Care, Assisted Living Facility, Nursing Home Care, Nurse Training Allowance, Medical Rehab Due To an Injury.
Talk to your parents! This event could fall on your shoulders.
Passing the Torch – Taking Our Resources and Community Higher
Passing the Torch - Taking Our Resources and Community Higher

7. EMERGENCY FUND THREE TO SIX MONTHS OF INCOME
In liquid cash vehicles (Savings Account or Money Market)
USED FOR A SUDDEN FINANCIAL EVENT
LIFE NEEDS (car breaks down, need a new hot water tank, etc.)
SHORT TERM INJURY OR SICKNESS
Passing the Torch – Taking Our Resources and Community Higher
Passing the Torch - Taking Our Resources and Community Higher

8. Wealth Accumulation
Retirement Planning, Saving for Children’s Education, or any other financial goals that you may have. It’s important to save in the most tax efficient manner.
Take advantage of Employer’s Matching Contributions. None available? Start your own Roth IRA. Or do both!
Start Early (Compound Interest is POWERFUL)
Establish Tax Free Retirement Vehicles.
Diversify your investments/assets.
Passing the Torch – Taking Our Resources and Community Higher
Passing the Torch - Taking Our Resources and Community Higher

9. Wealth Preservation & Distribution
Protect everything you worked hard to accumulate.
Having a guaranteed income in Retirement.
Protecting against the risk of a Long Term Care event.
Having the ability to distribute wealth to loved ones and charities in a tax efficient manner through Trusts and proper Estate Panning.
Passing the Torch – Taking Our Resources and Community Higher
Passing the Torch - Taking Our Resources and Community Higher

10. Know Where Your Money is Going
65% of Americans don’t have a budget
Record your expenses
Make a budget
Choose something to save for
Watch your savings grow
You can’t plan for the future if you don’t know where your money is going
Passing the Torch – Taking Our Resources and Community Higher
Passing the Torch - Taking Our Resources and Community Higher

11. Costs to Include in Your Retirement Budget Don’t buy what you can’t afford, and live within your means.
Retirement Bills
Housing
Medicare premiums
Health Care
Taxes
Food
Emergencies
Entertainment
Travel
Grandchildren
Leaving a legacy
Passing the Torch – Taking Our Resources and Community Higher
Passing the Torch - Taking Our Resources and Community Higher

12. Establish a Budget
Develop and stick to a weekly, monthly, and yearly budget.
Financial Planning is hard to do if you overspend your lifestyle.
Will dictate when you can Retire.
Always remember to Pay Yourself First!
“Don’t have a champagne lifestyle on a beer budget”
– Herm Edwards (Former NFL head coach)
Passing the Torch – Taking Our Resources and Community Higher
Passing the Torch - Taking Our Resources and Community Higher

13. Overview Get paid what you are worth and spend less than you earn.
Establish credit
Stick to a Budget
Pay off credit card debt
Contribute to a retirement plan.
Have a savings plan
Invest!
Maximize your employment benefits
Review your insurance coverage
Passing the Torch – Taking Our Resources and Community Higher
Passing the Torch - Taking Our Resources and Community Higher

14. Thank you!
Passing the Torch – Taking Our Resources and Community Higher
Passing the Torch - Taking Our Resources and Community Higher