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Health and Wealth

  • Oppenheimer Life Agency, Ltd.
  • November 2, 2021

Beginning your Journey

Establishing good financial behaviors and implementing a structured routine early on will help you on your path to financial security.

Steps to take at the start of your journey:

Establishing both short and long-term goals will help set the pace for future planning. Consider the following:

  • What do you hope to accomplish in the next 5, 10 or 20 years?
  • What hurdles stand in the way of you achieving those goals?
  • Is the pace you set for yourself achievable?

When creating a budget, consider your current income and expenditures along with any outstanding debt you may have. Reserving a portion of your income towards an emergency fund will ensure that you are prepared for any unforeseen expenses.

Establishing a savings account early on will provide you with the financial leverage to afford future purchases such as a car or home.

Just as you would insure your car or home, insuring your income will provide you with added security that if an unforeseen accident or illness occurs, your current budget and emergency fund will not be disrupted, leaving you with the confidence that your financial goals will stay on track.

Keeping Pace

As you become more comfortable in your financial routine, you may have new responsibilities and obligations to consider. Have you become more established in your career? Have you started a new job? Have you recently come into an inheritance? Or do you have loved ones who now rely on you financially?

Enhance your regimen with the following:

It is important to gather a team of experts. Consider Financial Professionals, Attorneys, and Accountants as personal trainers who are there to help keep you on track with your financial goals.

Without an emergency fund, unexpected costs can affect your financial wellbeing. As your income and financial obligations change, consider re-evaluating how much you are allocating towards your emergency fund/savings to cover any unexpected expenses.

Qualified retirement plans such as a 401(k) can be a very powerful savings tool. They provide employees with an automatic way to save for retirement and the possibility of employers matching contributions. If a 401(k) is not available to you, an Individual Retirement Account can offer similar benefits.

Life insurance is an important purchase to consider. In addition to the death benefit it provides to your heirs, some policies offer a savings component that can be leveraged to cover future expenses such as college tuition, purchasing a new home or providing an additional income source in retirement.

Reset and Re-evaluate

As you continue your routine of maintaining financial independence and stability, your personal obligations may shift over time. Prioritizing all of your responsibilities will ensure that you stay on track with the financial goals you have established.

Consider the following:

Just as you would visit a doctor for annual checkups to ensure you are in good health, your finances should be reviewed as well. Periodic reviews of all your financial accounts, from savings to investments will ensure you are on pace to achieving your goals.

On average women live 5-10 years longer than men. As you near retirement, you may want to have discussions around:

  • • Whether you will be relocating to be closer to family
  • • If you plan on traveling
  • • Health concerns for either you or your spouse/partner
  • • Adult children who may still rely on your care
  • • Concerns about outliving your savings

It is also important at this time to create a comprehensive plan that incorporates a living will, trust, power of attorney and health care proxy. These documents along with your financial accounts should be reviewed for proper beneficiary and guardianship designations. This will provide you with the confidence that your health care and legacy wishes will be carried through.

Retiring on Your Own Terms

As you approach retirement, your goal is to achieve financial health and well-being throughout the coming years. Working continuously with your team on decisions about when to stop working, when to collect Social Security, and how much income you will need throughout retirement will help you envision what your retirement will look like, on your terms.

Your team can assist with:

What are the benefits available to you? Have you recently been divorced or widowed? Reviewing the options available to you will help maximize the payments you will receive and/or uncover that you may need additional income sources to maintain your current lifestyle in retirement.

Healthcare costs can be one of the largest expenses you will face in retirement, and working with your team to evaluate your options from private insurance to Medicare and Medigap will help prepare you for whatever the future may hold.

Should you need additional income in retirement, annuities can provide a guaranteed stream of income to supplement Social Security benefits, help cover health care costs and/or a long-term care event.

Locating all of your documents and organizing them in one location can be essential when settling your estate. It will make the emotional journey a little easier for those you love. Creating a list of sentimental items and designating them will avoid any unforeseen conflict among family members and friends, it will ensure your assets are distributed as you had intended.

Key Points:

  • Beginning this journey with a structured routine in place will ensure you are on a course towards a secured financial future.
  • Periodically reviewing your current and future obligations will help keep you on pace towards a healthy and secured financial future.
  • Engaging in conversations with your team will help you plan properly for the retirement you have always envisioned.


The information contained herein is general in nature, has been obtained from various sources believed to be reliable and is subject to changes in the Internal Revenue Code, as well as other areas of law. This material is for informational purposes only and should not be construed as a solicitation of any particular insurance product or insurance carrier. Insurance is sold through Oppenheimer Life Agency, Ltd. (OLA), an indirect wholly owned subsidiary of Oppenheimer Holdings. Before purchasing a policy of insurance, please review both the insurance carrier and the insurance policy carefully before investing. A strategic alliance exists between OLA and various outside providers whereby products and services may be utilized. Such providers may receive compensation as a result of the strategic alliance. However, the firms are completely independent of each other. This material is not a recommendation as defined in Regulation Best Interest adopted by the Securities and Exchange Commission. It is provided to you after you have received Form CRS, Regulation Best Interest disclosure and other materials. Oppenheimer & Co. Inc. Transacts Business on all Principal Exchanges and Member SIPC. 3827401.1