20 GoodLifeFamilyMag.com SEPTEMBER | OCTOBER 2018 4 | BUYING A HOME Can your loved ones cover the mortgage on a home (or even a lake house) if you’re gone suddenly? 5 | RETIREMENT Plan way in advance. You may want to consider long-term care riders on your life insurance to cover assisted living/nursing home expenses. You also need to examine how loss of any pension payments or Social Security will affect your spouse’s financial stability. Sometimes, life insurance can help cover estate taxes as well. Professionals like Bobby can help you determine if that affects you. Remember, too, that if you purchased a plan decades ago, you may need to re-examine policy coverage. Bobby says, “I can guarantee it will cost more to cover expenses like rent, food and tuition in the future,” so consider inflation. Editor’s Note: Bobby Davidson is an independent insurance agent and a father of two teens who is passionate about helping families find excellent coverage and services. He can be reached at 972-980-4884. FINANCIAL HEALTH REQUIRES REGULAR CHECK-UPS, TOO Chuck Cowell, Dallas Market Chairman for Guaranty Bank & Trust, has over 45 years of industry experience with extensive lending and administrative oversight of the bank’s DFW locations. He believes strongly in the importance of making a personal connection with your banker. Here Chuck discusses how to stay on-track with your personal financial health. Q: What are pieces of your "financial game plan" that you need to revisit on a regular basis to make sure you're on track for a secure retirement?   A: First, start early.  Establish a retirement goal and revisit at least every 5 years to make sure you are on track and your personal situation and goals have not changed.  Research and establish a target asset allocation, which will achieve your desired goals, and annually rebalance to maintain desired allocation.  Do not look at your retirement balance daily, weekly or even monthly.  Trading in and out on a continual basis is not a good plan.  The market has ups and downs; don’t try to “time” the market.  Nobody can!! Q: What are some things that can happen—in your personal life and with the economy—that can possibly necessitate changes?   A: The only constant in life is change. Marriage/divorce, children, health, job, etc.  Plan ahead and expect curves and bends in your financial highway.  Never a straight line. Q: How does our financial "game plan" change as we get older?   A: Lifestyle changes, in addition to those listed above (#2), are the most common.  Health care is becoming a big part of retirement planning.  Not just the cost, but also the quality and availability.  If you don’t have your health, there is never enough money! Q: What are some of the first steps we should take with our children as they're becoming adults to ensure they can take personal responsibility for their financial health?   A: Teach them a work ethic and a savings ethic as early as possible.  Show them by your actions that “money does not grow on trees” and that only they can and will be responsible for their financial health.  Teach them to budget, open and maintain a bank account and make sure they understand what happens when they have more outgo than inflow.   Q:  When meeting with a financial professional, what are some questions you should ask?   A: Background, experience, etc. Stay with proven, knowledgeable professionals.  Ask your friends/family/co-workers who they know with quality financial expertise and who they might have benefited from personally.  Q: Do you have any "words to live by" that you pass along to customers/clients that encapsulate your philosophy?   A: Start early, save often.  Build a budget, revise your budget and adhere to your budget! Editor’s Note: You can reach Chuck at Guaranty Bank & Trust, www.gnty.com Continued from page 19