Newport Beach Asset Protection Lawyer Shares 5 Mistakes to Avoid to Protect Assets in Retirement

8:45 pm Asset Protection, Estate Planning

asset protection 2 e1327093749885 Newport Beach Asset Protection Lawyer Shares 5 Mistakes to Avoid to Protect Assets in RetirementA good asset protection plan is not only necessary for funding your retirement; it is also vital for ensuring that you can continue to have a suitable income once you’ve retired.  A Newport Beach estate planning attorney shares five common mistakes retirees make that you should avoid:

Over-gifting.   Many retirees tend to over-gift to children, grandchildren or other relatives without regard on how those gifts will affect their own finances.  To ensure the sustainability of your retirement portfolio, gift wisely.

Not Downsizing.  It is not uncommon for retirees to have a more emotional attachment to their home than is economically practical.  While moving to a smaller home doesn’t make financial sense for everyone, it should be a consideration.

Not Timing Social Security Benefits.  Giving careful consideration to when to take Social Security benefits – both yours and your spouse’s – is something all retirees should do to improve the sustainability of their investment portfolio.  Deferring benefits for just a few years can add hundreds of dollars per month to your future benefits.

Neglecting Estate Planning.  Estate planning is so much more than tax avoidance, and is necessary for individuals of all income levels.

Not Planning for Long-Term Care.  Financing long-term care needs can quickly eat away at your retirement nest egg.  You can avoid this by considering long-term care insurance and other financial vehicles to fund any long-term care needs that may arise.

Let our Costa Mesa law offices help you get started by contacting us today.

Leave a Comment

Your comment

You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.