Viking Magazine - July 2021 - 11

shift to 60% guaranteed and 40% variable, and
so on. The amount of money you have invested
in the stock market should continue to shrink the
closer you get to retirement, since you won't have
as much time to recoup any money lost due to
volatility.
Do You Have an Emergency Fund?
An emergency fund is a savings account
designed to help for life's unexpected
emergencies, such as major unexpected
expenses or a job loss. Financial experts
Work on building a nest egg. As businesses across
the country were forced to close their doors amid
stay-at-home orders, the workforce was laid off
by the thousands. By April 2020, unemployment
levels reached 14.8%, a peak worse than the
Great Recession of 2007 to 2009. For those who
didn't have savings, paying bills and shopping for
groceries became impossible, shining a spotlight
on the importance of building a nest egg to tap in
times of financial distress. Most financial experts
recommend that emergency funds contain three to
six months' worth of living expenses.
Don't put off obtaining life insurance. The
550,000-plus lives lost due to COVID-19 is no
doubt the most devastating result of the pandemic,
and for those who didn't have life insurance, the
financial stress on their families could be longlasting.
That's why it's important to get a policy
in place now-when you're the youngest and
healthiest you'll ever be-to protect your loved
ones from both predictable and unpredictable
health crises that could occur in the future, such as
another pandemic.
No matter your age or health status, Sons
of Norway " has something for everyone, "
says Ragan, pointing to term and permanent
options, including a guaranteed policy that
anyone can qualify for, even if you've previously
been diagnosed with a pre-existing condition
like diabetes or cancer. This would also protect
COVID-19 long-haulers who have lasting side
effects from the virus, should it ever be classified
as a preexisting condition down the road, which
some speculate could happen. " You can't change
your health or go back, but you can still get a life
insurance policy through Sons of Norway. "
recommend that emergency funds contain three
to six months' worth of living expenses. Here's
a look at how prepared Americans feel about
saving for emergencies, according to LIMRA.
26% of Americans have less than
3 months of emergency savings.
Almost 1 in 4 have no money set
aside for emergencies.
48% have only enough emergency savings
to cover 3 months' expenses or less.
HELPFUL TIP:
If you want to start small,
saving just $20 per week will
add up to $1,000 over a year.
Sons of Norway, 1455 West Lake Street, Minneapolis, MN, offers financial products, but not all products are available in all states.
Products issued by Sons of Norway are available to applicants who meet membership, insurability and residency requirements.
sonsofnorway.com VIKING JULY 2021 11

http://www.sonsofnorway.com

Viking Magazine - July 2021

Table of Contents for the Digital Edition of Viking Magazine - July 2021