What Are the Four Biggest Risks for a Solid Retirement in the United States?
More people than ever before in the past are approaching retirement in the coming years and this makes it all the more important to consider the four biggest factors that could ultimately influence your tax and retirement plan.
Thinking carefully about retirement also includes a consideration of your estate plan and the goals for the legacy you wish to leave behind as well as how you will help your loved ones. If you though saving for retirement was difficult, you need to consider these big four issues that influence you and your loved ones for many years to come. These include:
- Tax risks associated with a tax deferred retirement plan.
- Inflation risks.
- Investment risks.
- Legacy and estate risks.
All of these should be evaluated with the help of a financial professional who can tell you more about the steps that you can and should take to minimize your risks and liability and to generate a plan that passes on assets to your loved ones in addition to protecting you over the course of a long retirement. Many people also fail to consider the potential impact of long term care.
Long term incidents can be especially expensive and unexpected if you were counting on Medicaid or Medicare to cover you and that is no longer an option. Generating a plan with the help of experienced professionals now can make things easier for you in the future. Talk to an estate planning lawyer to learn more.
