For Mark Roberts’ Use: When planning for retirement, most people tend to focus on establishing a source of income, and hopefully making that income last for the rest of their lives. That’s an understandable focal point of your plans. However, there are other factors to consider when planning for retirement, so in this blog we’ll focus on a few potential obstacles that could thwart your plans.
Physical or mental health issues. As we get older, we are more prone to health problems and conditions such as Alzheimer’s. Consider what would happen to you, financially speaking, if you were suddenly unable to manage your money and legal affairs. As you enter retirement, you might consider meeting with an estate planning attorney to designate a power of attorney, or draw up other documents that will keep you and your money safe. Talk to your doctor, too, so that they are aware of your emergency contacts and power of attorney plan.
Complicated finances. Many of us hold numerous savings accounts, checking accounts, credit cards, and so on. It might make sense, for various reasons, during our working lives. But after retirement, it would probably be best to simplify your finances as much as possible. Fewer credit and debit cards means a lower risk of theft or loss. Streamlined bank accounts make it easier to keep track of your money, pay bills, and notice any discrepancies more quickly.
Theft and other losses. Unfortunately, con artists and other thieves frequently target retirees. Fight back by setting up safety protocol with your bank, such as automatic text or email alerts of large transactions. You might consider having these alerts sent to your power of attorney as well.
Missed opportunities. As the saying goes, hindsight is 20/20. We never want you to look back and say “if only I had known” or “I would have made different decisions with my money”. Seeking experienced, professional guidance can be an excellent way to protect your retirement income, so continue to meet with us regularly even after you retire.