Call (714) 770-8207 to speak with a licensed insurance agent.

Call (714) 770-8207 to speak with a licensed insurance agent.

3 Tips to Protect Financial Assets during Retirement

Posted by Sandi Crawford, June 10, 2016

After working your entire life to build a retirement fund, it is important that you are careful to protect your assets during retirement. A few proactive steps can help you to maintain your retirement income through the rest of your life, but there are a few common mistakes that need to be avoided. If you are nearing the age of retirement, these are three things that you should consider:

Watch for Financial Scams

Retirement-aged individuals are often targeted by scammers because retired people have money to spend. Don’t be fooled into an investment plan that seems too good to be true! It is common for retired adults to be approached by individuals offering investment services. But, often these investment plans will leave you in a difficult financial position after you have lost your retirement savings.

Limit Cash Withdrawals

Withdrawing too much money from your retirement account can result in a situation where you are risking your retirement income. Talk with a financial planner about the right withdrawal rates to match your individual plan. Pull out enough money for essential expenses. At the same time, limit the amount of money that is being spent on non-essential items and activities. Most people can withdraw between 4% – 5% each year and then adjust the withdrawal amount based on inflation.

Manage Health Care Expenses

It’s not surprising that health care costs increase with age. Two factors affect the health care expenses that you will need to pay: declining health and increases in the prices of medical services. Also, many people are living longer, which means that their anticipated medical costs will go up during retirement.

The most effective way to manage health care costs is to ensure that you have a good insurance plan to cover the expenses. Most people find that it is too expensive to pay for these costs from their retirement savings. But, they can afford a monthly premium for a good insurance plan.

For more information about insurance coverage during retirement, we invite you to contact our experienced team right away. We know that insurance is essential to manage your spending during retirement, and we are here to help!

Need more information?

Contact us online to learn more

Contact Us

Close Accessibility Tools
Accessibility Controls Reset
Content Adjustments
Font Size

Default

Line Height

Default

Content Scaling

Default

Highlight Titles
Highlight Links
Highlight Forms
Align Left
Align Center
Align Right
Focus Mode
Color Adjustments
Desaturate
Monochrome
Contrast

Default

Saturation

Default

Accessibility Statement

Despite our attempts to make this website accessible for everyone, there may still be some pages or sections that are not completely accessible, are in the process of becoming accessible, or do not have a suitable technological solution to make them accessible. Nevertheless, we are always striving to enhance our accessibility by adding, updating, improving its options and features, and incorporating new technologies.

We want to provide our users with the best experience possible, so we strive to support as many browsers and assistive technologies as possible.

If you wish to contact this website's owner, please use the contact form on the website.

Our User Interface Adjustment Options

Font adjustments - With this tool, users can modify font size, style, letter spacing, and line height for improved alignment and readability.

Color adjustments - Users can customize their color contrast profiles to light, dark, desaturated, and monochrome.

Content highlighting - Users can prioritize key elements such as links, forms, and titles.

Content focus - Users can enable focus mode to highlight the current page information based on their mouse movement.

Close