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The Answer To 'What If?': Have A Plan

By Diane Boyle on 2/7/19 10:26 AM

Much like insurance and financial professionals discuss and plan for the "what ifs" in life, NAIFA's Government Relations team utilizes “what if" conversations to advance policy discussions. These tough “what if” conversations with lawmakers, families and business owners lead to good public policy and enhance financial security. 

The recent government shutdown demonstrates that too many people are unprepared for what if my salary comes to an abrupt halt. Unfortunately, many unwelcome circumstances can be financially devastating. Working with Advisors You Can Trust, individuals can explore personal and professional “what ifs” and plan for financial security.  

Some of the difficult questions that lead to a personalized financial plan include: What if you’re unable to work due to prolonged illness? What if you could afford to keep your spouse home after being diagnosed with Alzheimer’s? What if you die when your children are young? What if your business partner has the means to continue the business if you become disabled? What if you had an instrument to borrow cash for short-term emergencies? What if you outlive your savings? 

While NAIFA members are working to ensure more people are financially prepared, NAIFA’s Government Relations staff is working with policymakers to discuss both the favorable and unfavorable outcomes of various public policy initiatives, enhance financial literacy and promote financial security.

Some of our “what ifs” this year include: What if lawmakers enacted legislation to help workers prepare for a secure retirement? What if regulators adopted regulations that inadvertently discouraged access to guidance for middle-market investors? What if policies tackled the underlying costs of health care? What if laws discouraged employers from offering workplace benefits? NAIFA supports a “Main Street Financial Agenda” to ensure that American families can protect themselves against the financial risks of dying too soon, living too long, or becoming ill or disabled, and save for retirement. Representing and serving middle market families and businesses in every congressional district, NAIFA supports efforts to: 

  • Enhance access to professional advice
  • Promote financial literacy
  • Support a tax regime that encourages Main Street investment and saving
  • Prevent elder financial exploitation and protect client data
  • Improve retirement readiness and financial security

Conversations that ask, “what if” are often uncomfortable, but answering “what if,” allows for planning to avoid unintended consequences and to address the all too often undesirable events of life.