Risk Management
Individuals and small business owners
Risks to Income
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disability
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critical illness (like cancer or heart disease)
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death
How would it impact retirement and/or a succession plan? Disability, critical illness and life insurance are proven financial relief strategies.
Five Risks in Retirement Planning
SunLife Insurance
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Longevity - how long you live and need retirement income
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Inflation - rising cost of living
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Market - variability of investment markets
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Health – the cost of future health care
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Mortality – if you have a spouse who dies early, how does that impact your retirement income
Add one more; cashflow
Think of yourself as a small business. We all need to fully understand the power of good cashflow management. Many great businesses have failed because of mismanaged cashflow as have many families. Financial stress is one of the leading causes of relationship breakdowns and family turmoil. It is not only lower income families that suffer financial worries and setbacks, it is also higher income families. Many high-income individuals have gone bankrupt. Many of those with high income also have high expenses.