Valentine’s Day is often associated with cards, flowers, and dinner reservations, but at its core, it’s about caring for the people who matter most. One of the most meaningful — and often overlooked — ways to show that care is by planning for their financial future. Life insurance and retirement accounts aren’t romantic topics, but they play a powerful role in protecting the people you love and giving them long-term security and peace of mind.
Getting life insurance is simpler than many think. You can start by:
- Comparing term life policies, which provide coverage for a set period and are often more affordable.
- Considering whole life or universal life policies, which offer lifelong coverage and potential cash value growth.
- Working with a licensed insurance agent who can help determine the right coverage amount based on your income, debts, and family needs.
Retirement accounts are another essential way to protect your financial future and that of your family. Contributions to retirement accounts allow your savings to grow tax-advantaged over time, helping ensure independence and stability in your later years. Some common retirement accounts include:
- 401(k) or 403(b): Employer-sponsored plans that may include matching contributions.
- Traditional IRA: Contributions are often tax-deductible, and the account grows tax-deferred until withdrawals in retirement.
- Roth IRA: Contributions are made with after-tax dollars, but withdrawals in retirement are tax-free — a great option if you expect higher taxes later.
- SEP IRA or Solo 401(k): Ideal for self-employed individuals or small business owners, offering higher contribution limits than traditional IRAs.
Financial planning is ultimately about people, not just numbers. Reviewing your life insurance coverage and retirement accounts is a meaningful way to show care for the people you love — today and in the future.