Ralph Waldo Emerson once said “It requires a great deal of boldness and a great deal of caution to make a great fortune, and when you have it, it requires ten times as much wit to keep it.” This quote relates to retirement and estate planning so well. As hard as it is and the time it takes to build a retirement nest egg to be able to retire comfortably, it can be ruined so easily and very quickly.
Simply put, gone are the days of being able to rely on the government and corporations to take care of you. Many pension funds and company 401(k) contribution match programs are disappearing, and many entitlement programs like Social Security and Medicare are extremely underfunded causing possible reductions in benefits in the future. Thus, in today’s world, the responsibility of a successful retirement falls on your own shoulders. With that responsibility and control, a retirement plan can easily be ruined in several different ways, such as:
- Not having the proper risk management system in place to protect against extreme volatility and major market downturns
- Not knowing about or understanding all the tools, designs and strategies available to protect, preserve and maximize your plan
- Not saving or having your money in the right type of accounts
- Not making strategic moves each year to become more tax efficient
- Not considering and having a plan for the astonishing and increasing cost of health care, including long term care
- Not having the proper income plan in place to minimize taxes and avoid outliving your money in retirement
- Not making the proper adjustments to your plan each and every year based on all of the changes that occur
It does not matter whether you are still building your nest egg for retirement or are already retired, and trying to protect and preserve that nest egg; there are several ways to ruin your plan.
Think about it, does it make sense that the financial strategies that helped you get to retirement might not be the best ones to get you through retirement?
If you have personal questions and concerns, and would like to discuss your specific plan, you can call the office at 702-462-7233 or reach me via email at Agoodman@AskAdamGoodman.com and request a complimentary consultation
Investment Advisory Services offered through Brookstone Capital Management LLC, a Registered Investment Advisor. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives. This information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Content is provided by third parties for informational purposes only and is not a solicitation to buy or sell any products mentioned