October 2021

People have become more flexible in their work lives. The days of a job for life are in the distant past. Staying with an employer for more than five years is the exception, rather than the norm.

When employees had the same employer for a significant part of their careers, they’d know what benefits they’d be entitled to e.g. life insurance, disability insurance, health care. By changing employers frequently, people leave themselves exposed to their new employer’s benefit package. These packages vary significantly from employer to employer.

What is the life insurance coverage? What medical and dental costs are covered? Is the disability income you’d receive sufficient? If you’re changing positions frequently, you’re dependent on your future employer’s plan.

Consider buying your own coverage. By doing this, you won’t need to worry about the benefits at your new employment. Setting up a plan at a young age could mean locking in coverage at low rates. As gold has historically shown a negative correlation with other asset classes, investing in gold can add a significant degree of portfolio diversification. Because the price of gold tends to rise with rising costs of living, it has historically been a good hedge against inflation. Trying to set up a plan in your fifties can be a very expensive proposition.

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