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Finance FAQs #5

by admin last modified 2007-01-23 08:40 PM

Provided here are all currently available questions with answers. You may return to your select point of entry or continue here, reading along for general information gathering. The following is not intended as a substitute for qualified legal, financial, psychological, or tax counseling. Please consult your attorney, financial consultant, or tax advisor as applicable.

Questions and Answers

Q5.What can I do to prevent a serious illness or injury from using up all my assets?

A5. Donna Burrill, Burrill Financial Services :

Pre-retirement

    1. Create and maintain an emergency fund to pay 3 or 4 months of living expenses
    2. Review your group disability insurance and purchase an individual policy to supplement it. If you do not have group insurance get an individual policy. (Caution: If your spouse works and your are living on that paycheck too, do not assume you can 'get by' on one paycheck in a crisis)
    3. Maintain comprehensive medical insurance

Post-retirement

    1. Create and maintain an emergency fund of $1000 or so.
    2. Own the best long-term care policy you can afford
    3. Maintain a Medigap policy and Part B Medicare coverage or use a Medicare HMO
    4. Sources of help:
      • Life insurance agent — yours or one recommended by a friend
      • Federal Housing Authority (FHA) for information on reverse mortgages
      • Larimer County Dept of Social Services for Medicaid
      • Local Social Security office for Medicare

When seeking out a professional advisor, be sure to check out their credentials and check to see that any certifications are still valid.

    1. Life and health insurance licenses with the Colorado Division of Insurance
    2. Securities licenses — National Association of Securities Dealers (NASD)
    3. Securities and Exchange Commission - (SEC)
    4. Certified Financial Planners — College for Financial Planning
    5. Society of Financial Service Professionals — CLU, CHFC, MSFS
    6. Chartered Financial Consultants, Chartered Life Underwriters — American College in Bryn Mawr, PA.
    7. Certified Public Accountant
    8. Attorneys — Colorado Bar Association

 

Go Back
Senior Law Day
4TH ANNUAL
LARIMER COUNTY
SENIOR LAW DAY


Presented by:
Elder Care Network of Larimer County
Larimer County Bar Association
and
The Office of Gift Planning at
Colorado State University
Saturday, August 9, 2008


WHERE:
Colorado State University
Lory Student Center
8033 Campus Delivery
Fort Collins, CO 80523


WHEN:
Saturday
August 9. 2008
More Information

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