Save Ottumwa Post September 6, 2023

5 Reasons to Plan for Unwelcome Financial Surprises

Life is full of surprises, and not all of them are positive. If you’ve experienced the unexpected death of a loved one, a sudden job loss, the wreckage of a natural disaster or other curveballs that have impacted your finances, you know how quickly it can happen.

While you can’t control what might happen in the future, you can control how you plan for it. Here are five reasons why it makes sense to expect – and plan for – the unexpected.

Challenging life events are hard enough to manage. Financial decisions made in a moment of crisis may not be the soundest ones and could have consequences for years to come. If you have financial contingency plans in place, you may have less to worry about or distract you from the issue at hand. You can be free to focus on press-

ing personal situations when it matters most.

You’ll have more choices Planning when things are going well will give you more options for protecting your finances. Certain options that guard against financial loss may not be available when tragedy strikes. For example, it’s too late to buy insurance after a kitchen fire or a family member becomes ill. Planning ahead can give you peace of mind that you’ll be ready for these types of events.

Careful planning takes time. When you face an unexpected situation, you may not have the time or energy to consider your options carefully. With time on your side, you can be more deliberate, thorough and informed. For example, you can make multiple appointments to meet with tax, medical, financial planning and legal professionals to get advice and recommendations. These professionals can help you with a variety of tasks to prepare for the unexpected, such as updating your will, researching and comparing prices on financial products or insurance, establishing a trust or completing a healthcare directive. All of these arrangements can be complex, requiring a certain amount of your time and attention to get them in order.

It’s the considerate thing to do. Imagine the burden to family members if you’re incapacitated and your finances are in disarray. Having your financial dealings in order makes it easier for a loved one to step

in and help, as needed. Make sure a trusted family member knows where key financial documents are and how to contact the professionals who help with your finances.

Action beats fear. Conventional wisdom urges us to ‘hope for the best and prepare for the worst.’ It’s good advice, and having a plan in place is empowering. You may not be able to prevent every unpleasant occurrence in life, but you can soften the blow of a personal hardship by putting safety nets in place. A financial advisor can help you identify options to prepare for life’s uncertainties.

Duane J Lusson, CFP, ChFC, CLU, MSFS, is a Private Wealth Advisor with Ameriprise Financial Services, Inc. in Ottumwa, Iowa. He specializes in fee-based financial planning and asset management strategies and has been in practice for 30 years. To contact him, call 641-684-4200 or stop by his office at 527 W. Second in Ottumwa, Iowa.

Ameriprise Financial cannot guarantee future financial results

Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.

Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.

Ameriprise Financial Services, LLC. Member FINRA and SIPC.

© 2023 Ameriprise Financial, Inc. All rights reserved.

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Pella Regional Health Center le da la bienvenida al Dr. Martinez, quien practica Medicina Familiar con Obstétrica.

“Mi pasión es proveer excelentes servicios médicos en el área rural, con un enfoque especial en obstétrica, obstétrica quirúrgica (incluyendo cesáreas), y trabajar con las comunidades marginadas,” dijo el Dr. Martinez. “Yo creo en proveer una experiencia positiva a través de todo el embarazo, empezando con los servicios prenatales hasta llegar al momento de labor y parto, y a los cuidados del puerperio.”

El Dr. Martinez habla con fluides el inglés y el español. Él está casado y tiene dos hijos. El disfruta de pasar tiempo con su familia, ver películas, y ver ó jugar deportes (especialmente el fútbol).

Ahora viendo pacientes en Pella y Ottumwa.

Para hacer su cita, por favor llame al 641.621.2200 o visite PellaHealth.org.

Bienvenido Mario Martinez, MD, PhD