It’s probably not healthy to think about disasters too much, but unexpected things like sudden medical emergencies, unemployment, unexpected house repairs, and family crises can become personal disasters when there’s no money in reserve. Ken Kolesar, vice president at People’s Bank, tackled the subject “Planning for the Unexpected” at the fourth financial education workshop presented by The Greens at Cannondale on Jan. 29.
It came as a surprise to some in the audience that it’s advisable to have six months worth of available money in reserve at all times. For older adults, it’s imperative to have a living will of your personal choices regarding your future medical care. A personal will is also a necessity so that your money and possessions will be designated to the people you have chosen.