surance companies to determine her compensation . The auto insurance company was awesome — paying cash for her car and removing it fast . The flood company lowballed an offer .
One Storm , Two Levels Of Preparation
Nearby , Marcie has no flood insurance . With her home free and clear , Marcie let the homeowner ’ s insurance lapse , “ reasoning ” that it wasn ’ t required anymore by a lender .
Mom has both flood and wind coverage . But not Marcie . She cannot afford to rebuild . She has two adult children who both live modest lives in modest homes with kids . Neither the kids nor Marcie want to live with each other in those conditions .
My wife and I are empty nesters with extra bedrooms . Mom was able to stay
Marcie has no flood insurance . She let the homeowner ’ s insurance lapse ... it wasn ’ t required anymore by a lender .
with us for weeks and grind through the endless paperwork with help .
Hey You , It ’ s Me — I Mean , You
One of my favorite advisors over the years was focused on life insurance and retirement income “ protection ” strategies . He greeted every new client with “ bad news .” “ I know what is ahead for you ; it ’ s my job ,” he would start , “ And I will have advice from you that you will wish you accepted . To make it easier , I ’ m going to be someone you don ’ t know but who knows you very well . That person is you , at age 75 . And every time we have a disagreement about the steps I suggest for your plan , you will be arguing not with me , but with you .” He always got a kick out of saying it that way . Simple but effective . Makes it real . The last Powerball winner beat odds of 292 million to one . Why does the scratch-off have more traction than the 401 ( k )? It ’ s real . In your hand . And those three golden crowns just might be hiding there . Why not , right ?
Maybe you ’ re going to go ahead and play Powerball anyway , but maybe you want to ask your older self for the two bucks .
STEVE GRESHAM is on a mission to improve longevity and “ retirement .” He leads an industry initiative , Next Chapter , and is CEO of the Execution Project LLC , a consulting firm . He is also senior educational advisor to the Alliance for Lifetime Income .
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