How to Preserve Retirement in A Tough Economy
Financial markets are similar to ocean waves with their constant rise and fall. The falls often result in crashing, unnerving the most stoic individuals, particularly the closer you get to retirement. You may not be able to avoid every pitfall, but there are ways to preserve your finances, keeping them more steady in an unsteady market.
Years of experience in volatile markets is needed from the team you choose to help you safeguard your retirement preparation. It is easier to rest when you are prepared and have stabilized your funds in a tough economy.
Being Proactive Instead of Reactive
Planning for retirement should begin years before the actual event takes place. Additionally, this planning will help to set the stage for other financial planning that will benefit your family in the event of your death, easing the stress they will experience. Be proactive in your decisions to create stability for everyone.
- Estate Planning: Safeguard assets, including retirement accounts and trusts, through estate planning. Estate planning can have many unique tax benefits, protecting liquid assets and limiting the time and frustration with probate after your death.
- Diversify Investments: A mix of stocks and bonds will limit your risk during a market downturn and add protection to market swings. Knowing what works best takes experience and years in calculated risk assessment to choose the best option in a shaky economy.
- Pensions and Retirement Accounts: These retirement accounts offer a quality of life while providing asset protection from bankruptcy issues, according to Colorado Revised Statute § 13-54-102. Discussing the best ways to protect your retirement funds with a qualified estate planner can ensure financial safety should you face bankruptcy.
- Exemption Planning: Exemption planning allows you to protect additional assets should you face financial hardship. Planning will help you protect assets such as home and automobile equity, some household goods, tools of the trade, and life insurance policies, all up to a predetermined amount.
- Delay Social Security Benefits: Delaying the distribution phase of benefits until they must begin at age 70 allows for a larger monthly check when you start your collection. If you delay and live longer, you will personally gain by maxing out your benefits.
- Continue Earning Income: By the time you reach retirement age, you have built a lifetime of skills that can continue to earn you income to offset rising inflation during a recession. Any additional income can serve to supplement your retirement funds.
As people live longer, navigating the constant disruptions of a global economy, it is essential to begin preparing early to protect your assets and prepare for crises. There are proven tools that work, protecting your assets even after you are gone and ensuring that your family has what it needs to thrive. Working with the trusted team of Brady, McFarland & Lord, LLC will provide preparedness and confidence in your future.
Let us help you develop legal solutions to business, estate planning, and tax liability questions. You will be treated with the honesty and respect you deserve while establishing a plan to preserve your assets through any economic turn.