Money Sense

Is Your Retirement Plan Age-Proof?

May 10, 2015

With hard work and diligent planning, you will hopefully retire on a comfortable income. We want you to enjoy the retirement of your dreams! But along with financial comfort comes some level of risk. Health problems, the normal forgetfulness of old age, and even con artists can cause major damage to your retirement funds. That’s why, along with early and diligent planning, we also recommend that our clients consider the following steps to age-proof their retirement plans.

 

Choose a power of attorney

In the event that you’re ever mentally or physically impaired, your power of attorney can step in to manage your money and important legal matters. Choose a responsible adult child or even a close friend, and make sure this person understands your long-term financial priorities and other important wishes. Notify your primary physician of your power of attorney’s name and contact information, so that they can be notified if you suffer a serious illness or injury.

Streamline your finances

We often keep our assets spread out over several accounts as we prepare for retirement. But as you grow older, it might be easier to consolidate everything into one or two accounts. Holding multiple bank accounts and credit cards can put you at risk, because it might take longer for you to realize something has gone wrong with one of them.

Set up instant notifications

If something went wrong with your bank account or credit card, how long would it take before you realized there was a problem? For most people, it could be weeks before they notice a discrepancy on their next statement. Sign up to receive email alerts when a large transaction occurs within your account, so that you are notified of potential problems right away. Consider, also, sending these same alerts to your power of attorney.

Meet regularly with a financial advisor

Regular meetings with a financial advisor can help you keep your retirement plans on the right track. This person can also help you watch out for scams and other serious financial mistakes. Call us to schedule an appointment, and we can help you prepare for a safe and secure retirement.

 

 

 

 

 

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