For 35 years, our goals have been to help families prepare for retirement, establish a plan to navigate a market downturn, develop an estate plan that minimizes taxes, and design a strategy that reduces risk by utilizing insurance to protect against a variety of losses.
However, the latter is not entirely possible for a majority of people. Realistically, very few individuals have the resources to protect against every potential loss scenario via insurance. In other words, life is not risk-averse. The recent, totally unexpected and unprecedented post-Harvey reservoir floods that negatively impacted so many-including my wife Patsy and myself-are a prime example of life’s unpredictability.
Over the years, I have encouraged my clients to prepare for market downturns, long-term health care issues, unexpected house repairs (e.g., air conditioners breaking, etc.), and the necessity to provide for or assist family members.
My goal is to let my clients know that they need to prepare for and understand the reality that something will inevitably go wrong in their retirement years. Most of us never considered we’d be on the “other side” of a disaster, especially as a “flood victim.” I know many of our clients on the West side of Houston (and other areas) have been impacted. I’d like you to know that we are here for you, as we know precisely what you’re experiencing.
The post-Harvey flood experience has made us all aware that life is full of risk, well beyond our control and we must be prepared for the unexpected curve balls it may throw at us.
You can, however, help mitigate the inevitable risk by taking the following steps:
1. Establish an emergency fund
2. Reduce risk by regularly reviewing your insurance needs
~ Property & Casualty
~ Health Insurance
~ Long-term Care, if needed
~ Disability Insurance
~ Life Insurance
~ Umbrella policies
3. Establish what your income source will be in the event of a market downturn
If you need help reviewing your current savings plan or insurance coverage, please reach out to the Willis Johnson & Associates team. We are happy to assist either by evaluating your situation and needs, or referring you to other specialists.
Willis Johnson, CFP®
President and CEO
