Approaching retirement means thinking about your finances and your working life differently. For plenty of soon-to-be American retirees, it’s just as important for them to protect their savings as it is to have a good plan for spending it during their retirement years.
There are many different risks that can impact retirement plans today, most particularly, their impact of long-term care expenses. Three tips can help retirees be more mindful of the balance inside their retirement savings accounts and how best to protect it. The first of these is to look for a fiduciary or a financial advisor who will put your best interests ahead.
There are many different financial professionals who are targeting the retiree market for those who are high net worth. It’s a good idea to work with someone who has a fiduciary responsibility and will help you understand where you are at now and where you hope to be in retirement. The second step is to make sure that you have an advanced wealth planning strategy and a relationship with an estate planning lawyer.
An estate planning lawyer could help you see some of the different ways that your retirement plan could be affected, not only to support you in your older years but to leave gifts behind for your loved ones. Finally, think about the big picture.
Maintaining wealth goes beyond income and investment returns. Look for advice from a variety of professionals that can help you better understand things like health care planning and taxes. For more information about drafting a retirement plan that aligns with your estate planning goals, schedule a consultation with an estate planning lawyer in Virginia Beach today.