Love and Money: Roses Are Red, Violets Are BlueGive Your Sweetheart a Strong Financial Plan to Say "I Love You"

Business Wire 7-Feb-2019 3:27 PM

Lincoln Financial Group Survey Shows Majority of Americans Prioritize Financial Planning, but One-Fourth Say They Aren't Doing a Very Good Job

This Valentine's Day, Lincoln Financial Group (NYSE:LNC) encourages consumers to give their loved ones a gift that transcends flowers, champagne and chocolates: a strong financial plan. The company's 2018 Responsibility of Love Survey found that while 88 percent of Americans say that setting a plan for their family's financial future is an important priority, almost one-fourth say they are not doing a very good job setting that plan.

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Say "I Love You" With a Strong Financial Plan (Graphic: Business Wire)

"While financial planning may not seem romantic, the fact is love for others is a critical motivator in driving financial decision-making," said Kristen Phillips, senior vice president of Corporate Marketing, Communications and Strategy for Lincoln Financial Group. "Consumers' hearts are in the right place with the desire to create positive outcomes to and through retirement, however, we need to help them translate good intentions into action. People are still struggling to manage key personal and financial responsibilities."

For that reason, Lincoln Financial suggests a few steps to help give consumers and their loved ones stronger peace of mind.

• Heat up your retirement savings. Skip buying chocolates this year because little changes to your spending can make a big difference. Take a few minutes to review your monthly expenses, from mortgage and car payments to your morning coffee. Cutting a little bit here and there may reveal extra money to save in your employer-sponsored retirement plan that will make a big difference. Take advantage of a few savings tools and calculators here.
• Fall in love with pursuing lifetime income. You found a love to last a lifetime, but will your savings withstand the test of time too? At a time when people are living longer and face greater risks to their savings, an annuity is a financial product designed for retirement that can provide you with guaranteed monthly income that's protected and can last for as long as you live. There are different types of annuities to choose from, and a financial advisor can help you decide which type of annuity might be best for your individual needs, preferences and income planning goals.
• Get passionate about life insurance. A life insurance policy can serve as the financial foundation of a portfolio, helping to provide desirable financial protection in the event of a loved one's death. As part of a larger financial plan, life insurance benefits can also offer advantages that help meet goals at every stage of life, including: funding a child's education costs; strengthening retirement savings; creating additional cash flow; and helping to protect wealth for future generations.
• Follow Cupid's arrow toward long-term care. The greatest changes to income and lifestyle may result from an unexpected long-term health care event. Knowledgeable advisors understand how this can affect a client's portfolio. According to Lincoln's survey, only 11 percent of Americans own a financial solution that can help with long-term care expenses and 46 percent know very little about those types of products. Different solutions can help provide a cushion. Understanding the various policies and choosing the best fit for your needs can help achieve a desired financial outcome during retirement.
• Sweeten a plan with accident coverage. Accidents are bound to happen, especially with active kids playing sports. However, are you prepared for the inevitable? Lincoln's survey found that 65 percent of Americans are worried about not having enough money to cover an unexpected accident or illness, but only 15 percent had put a plan in place to help manage this concern. Accident insurance, often available through your employer, provides financial protection that can offset the cost of a deductible for things like emergency room visits and ambulance trips.

"In addition to these steps, consider meeting with a financial advisor to help create an overall plan specifically tailored meet the needs of you and your family," said Phillips. "A secure financial future is a gift that will last you and your family for years to come. It's the ideal expression of love."

Visit www.lincolnfinancial.com for more tools and resources to help plan for those you love the most.

Methodology for the 2018 Love and Responsibility Survey

Results for the 2018 Lincoln Love & Responsibility Survey are based on an online survey among 2,393 Americans ages 18+ that was conducted by Whitman Insight Strategies on behalf of Lincoln Financial Group. Field dates were from June 28 to July 3, 2018. The survey included a sample of the General Population as well as over-samples to ensure data cuts by Generational sub-groups as well as Hispanic/Latino Americans (N=432), African Americans (N=417), Asian Americans (N=413), and LGBTQ Americans (N=426). The overall sample was weighted to reflect the proportion of these audiences by gender, age, region, race and Hispanic/Latino ethnicity based on data from the U.S. Census Bureau. The margin of error at the 95% level of confidence for the total sample is ±1.9%. Source data for the statistics mentioned in this release are available here.

About Lincoln Financial Group

Lincoln Financial Group provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $238 billion in assets under management as of December 31, 2018. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Additionally, Lincoln is dedicated to upholding a diverse and inclusive organization and was recognized by Forbes as one of the Best Large Employers, Best Employers for Diversity, and Best Employers for Women and received a perfect score of 100 percent in 2018 on both the Corporate Equality Index and Disability Equality Index. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.

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