Financial Planning for the Unexpected

Planning for the unexpected is a part of being a police officer. A traffic stop becomes a chase, responding to a call becomes a fight when someone resists arrest, or a terrible accident results in telling a family a loved one is injured. Law enforcement officers train for these situations so they are prepared and know exactly how to handle the unexpected.

Police officers do not face these situations alone. They have leadership, partners and fellow first responders to back them up and assist in these circumstances.

Everyone needs to have a financial plan for the unexpected in all aspects of life. When a child is hurt, they turn to their parent, a spouse has a partner and in the career sense many have a mentor to support them.

When the unexpected happens, there are people you should have in place to back you up and help you get through it.

Family is a source of support during difficult times. It is important that they know where your documents are in case of injury or sickness. They should be familiar with your will, bank account information, and what your wishes are. Being prepared now will make it easier to navigate when things get rough.

Professional advisors can work with you in setting up your retirement plan, estate plan and tax structure to minimize liabilities. A Certified Financial Planner® will review your insurance plan, pension, retirement accounts and how your financial picture can be affected if you are injured and unable to work. They can also work in tandem with an attorney to set up your estate plan to protect your legacy and ensure support for a spouse and next of kin.

Community plays a part in dealing with hard times such as a critical incident, internal investigation, marriage crisis or an unexpected illness. A trusted partner, PBA delegate, chaplain and peer support can offer advice and support in confronting the unexpected. A mentor offers wisdom and experience helping you see the path forward through uncertainty.

Surround yourself with people you trust. A CPA, CFP®, attorney, partner, mentor, union delegate and supportive peers. Each of these individuals can help you plan for the unexpected. Creating a plan to put into action when the unexpected happens can make a big difference on how it impacts you and those around you.

Put together a binder or file box with important documents, give a loved one your passwords and account information, and review your financial plan to make sure you are prepared.

The best thing you can do to prepare for the unexpected is to have a plan.