Although many people understand that leaving a legacy can help ensure security for loved ones, a lack of understanding about getting started gets in the way.
It’s pretty standard for people to only start thinking about legacy planning when approaching retirement. Call it the mortality clock! But leaving a financial legacy doesn’t happen overnight; it takes a lot of time and planning. No matter how much money you have, it’s never too early to get your affairs in order.
Here’s how you can get started in 5 steps!
1. Take charge of your financial wellness
Start incorporating legacy-leaving strategies into your financial life. A financial adviser can help you set realistic financial goals and devise plans to help you readjust as your life and needs change. Go for an annual review with a Momentum financial adviser to see if you are on track to meet your financial goals.
2. Work on your wealth
Build a financially stable and wealthy future for yourself and your loved ones by managing your money well and following a plan to grow it. Cultivating a long-lasting financial legacy requires a well-rounded investment strategy to grow your wealth. Determine what a legacy looks like to you and speak to a financial adviser to set up a plan.
3. Plan for your retirement
Your overall retirement planning needs to include legacy planning. By planning for your retirement today, you can maintain your standard of living in your retirement years. Your retirement can also serve as income for your loved ones in the unfortunate event of your death.
4. Safeguard your life
Life insurance can safeguard you and your family from the financial uncertainty that comes with severe illness or disability. It also secures a lump sum payout for your loved ones, ensuring their financial security in the event of your passing.
5. Where there’s a will, there’s a way
Estate planning is a significant step in securing the financial future of your loved ones. You need a will that thoroughly details what should happen to your assets when you die and declares who will be beneficiaries of your assets.
Did you know?
Multiply’s financial wellness questionnaire will help you understand your current financial status and equip you with the skills to take control of your finances. Complete the financial wellness questionnaire once a year to earn points and get rewarded. You also earn points when you go for an annual review with a financial adviser.