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Emergency Savings: A neglected part of financial wellness

You’ve heard the rule of thumb: Have an “emergency savings” set aside for unexpected costs. It’s a simple enough idea, but most Americans put it at the back of their financial priority list. In fact, more than 50% of Americans say they couldn’t come up with $500 at a moment’s notice.

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Beyond Medicare – How to Fund Health Care Costs in Retirement

As retirement draws closer, many of us cling to a false sense of security that Medicare will cover all of our health care costs. Once we hit 65, it’s all taken care of and we don’t have anything to worry about, right? Wrong. While it’s true that beginning at age 65 most Americans become Medicare…

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Covering Your Mortgage with Insurance

If you, your spouse or life partner would pass away or if you become disabled and are unable to work, your family could potentially lose your home. These are unpleasant yet realistic considerations. Today, many households depend on two income earners in order to meet the mortgage payment and monthly expenses. Alerus experts see all…

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Do You Need An Emergency Fund? Six Reasons You Do.

An emergency fund is like building cardio in your exercise routine. It strengthens your daily financial wellness (like your heart and lungs), increases your long-term financial health (similar to your metabolism) and can lead to a longer, more financially fit life. Without an emergency fund, you may have to rely on credit cards, a loan…

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Is Your Family Prepared for the Unexpected?

It’s not a topic that most of us like to think about, but the truth is we should. That topic is an unexpected loss of income because of death or disability, and a sizable portion of us are likely to experience this unfortunate reality at some point during our working lives. Consider this:  according to…

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