How to avoid being spooked by financial fears this Halloween

Facing your financial fears

GOLDEN VALLEY, Minn. - This time of year, it seems there are plenty of reasons to be afraid, think Halloween, and for many fear of running out of money in retirement tops the list. Great Waters Financial co-founder Justin Halverson joined the KARE News at 4 to discuss ways to combat financial fears. 

Fear #1: Running out of money once you retire
• Automate your savings
• Delay taking Social Security
• Continue working

Fear #2: Life-changing events impacting your bottom line
• Have an emergency and up your savings whenever you can
• Have a backup plan.

Fear #3: Drowning in debt
• Take inventory of all your debts
• Paying down debt usually means cutting expenses elsewhere

Fear #4: Inability to afford Healthcare in Retirement
• Start factoring health care costs into your retirement income plan now
• Consider buying long-term care insurance
• Medicare won’t cover everything

Fear #5: Going broke from paying for my child’s college education
• Start saving for college at a young age
• Apply for grants and scholarships

© 2017 KARE-TV


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