Your life savings, or “nest egg,” may be more fragile than you think. There are many life events that can cause unexpected financial decisions and derail your financial well-being. A financial professional can help you identify those surprises and be prepared if they occur.

The following are just a few of the areas that can be hard to account for without the help of a financial professional:

  • Unpredictable health care costs
  • Length of life
  • Unpredictable job market
  • Changes in family structure like divorce, your spouse’s health or employment, or having parents move in
  • Under-investing or not evaluating your current investments
  • Taking an altogether hands-off approach to investments

Luckily, there are ways you can mitigate financial derailment:

  • Develop a budget and plan for foreseeable big life events
  • Scale your investments based on your wages
  • Don’t treat your life savings like a checking account
  • Invest in insurance in your 50s with a long-term care insurance policy
  • Hold off on retirement until at least 65, or later if possible
  • Most importantly, engage with a financial professional
  • Schedule an appointment to meet with a financial professional located at your credit union to plan for your future and protect your life savings.