Page 20 - October 2015
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Secure your future; protect your family
It wasn’t long ago that you could depend on a secure retirement. You earned your pension. You had the promise of paid health care insurance. You had adequate life insurance that you could afford. You put your time in. You did your job. The problem is not everyone you depended on did their jobs. And now your financial security is at risk.
Every day the risk becomes greater, and the threat is real. You worry about your pension still being there, for you and for your spouse. You realize your health care costs won’t be covered.
We are closing in on a solution to the health care mess. Next month, I will detail what the FOP Benefits Plan will be
providing to help you manage your health care costs.
This month, I will share valuable information on financial plan- ning. No matter what stage of your career: recruit; 10 years in; ready to go; or already in retirement, there are steps you can take now.
Early in your career
Invest now. Don’t depend on your pension. A client asked me once that if I wondered why the average police officer is broke after 10 years on the job - just look at the district parking lots. It doesn’t end with the vehicles we drive. We just have to buy that new cell phone, the latest and greatest television, and get that addition to our house. Before we know it, not only do we not have anything left at the end of the month to save, we added to the balance of our credit cards.
The earlier you start saving, and the more consistent you are, the wealthier you will become.
If you invested $500 a month 10 years ago, at just 6-percent inter- est, you would have more than $82,000 today. In another 10 years, it would be more than $220,000. If you saved $1,000 a month for 30 years, you would have $1 million. It is the magic of consistent savings and compound interest.
During a recent Living Trust signing, a client thanked me for get- ting him in, because the next day he would be in the bleachers at Wrigley Field. He is 54 years old, retired CPD, and has $1.7 million saved. I asked him how he did it. He said his father taught him. I don’t know about you, but my father didn’t teach me. That is why we have certified financial planners in the FOP Benefits Plan. Visit www.FOPBenefitsPlan.com forvideos,resourcesandtolearnmore and start your financial plan.
Ready to retire or retired
While you can’t turn the clock back to take advantage of invest- ment strategies that lead to more wealth, the decisions you make now are critical.
Consider the following:
• How much do you need saved to maintain your standard
of living for the rest of your life?
• Have you considered inflation?
• Will your mortgage be paid off?
• How will you manage health care costs?
• Do you have a Long Term Care insurance policy?
• Do you have a Living Trust estate plan to protect your sav-
ings and your families’ inheritance from the court system? These are just a few of the questions you must consider now, so
that in your retirement you can be financially and emotionally secure.
Whether you are retired, or getting ready to retire, you can greatly benefit from professional guidance - at a reasonable cost.
In addition, take a close look at your budget to find ways to save money on your basic needs and on your current expenses. For everyday products, your FOP Benefits Plan provides access to dis- counts of up to 75 percent on more than 250 brand-name retailers. You can register for a Health Care Savings card that provides 65-per- cent discounts on prescriptions, hearing, dental and vision at leading providers.
Members are also saving an average of $400 on their auto and home insurance and a generating a significant amount of savings on premiums on current or new life insurance, disability, Long Term Care and pet and firearm insurance policies through the FOP Ben- efits Plan.
The purpose of the FOP Benefits Plan is to provide you with sig- nificant savings on products and access to the very best professionals at affordable rates. Next month we will explore how the plan can help you with health care costs.
In the meantime, stay safe, and register for free today at www.FOPBenefitsPlan.com to stay informed about the latest news and deals. d
If you have questions about the FOP Benefits Plan, call 1-866-729-5454.
FOP BENEFITS PLAN
TOM TUOHY
CHICAGO LODGE 7 ■ OCTOBER 2015 2
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