Wednesday, February 8, 2017, PM | Leave Comment
Adults who want to secure their financial future and protect their wealth will need to protect their nest egg as they age.
Many people want peace of mind knowing that the funds will be available when they’re needed after retiring.
To ensure that you protect your investments and savings, there are a few important steps to take.
Remain Leary of Salespeople
There are many different con artists that prey on adults who have hefty accounts and are looking to make investment deals that require you to pull your money out of the bank.
It’s important to use sound judgment and gain the second opinion of a financial advisor before making a risky investment that can be a scam.
Check out NCOA’s article on spotting scams.
Monitor the Investments
You’ll need to monitor your investments to keep an eye on the progress that you make instead of relying on a professional to do the work for you.
At the end of the day, you’re responsible for the growth of your money and should spend time throughout the week keeping an eye out for excessive trading or unauthorized transactions.
It’s also important to ask questions and communicate with those who have access to your accounts.
Get Long-Term Care Insurance
No one can predict how healthy they’ll be in the future and if they can maintain their independence as they age.
You’ll need to obtain long-term care insurance to protect your nest egg if you need care during the day or if you become limited on your mobility.
Long-term care is a policy that covers nursing home care, in home health care, or compensated family care such as the Energy Employees occupational illness compensation program.
The insurance will cover the costs of nurses and medical expenses to ensure that you can continue to survive off of the money that you’ve saved.
Use Caution with Reload Scams
It can be easy to fall victim to a reload scam if you’ve already lost money on an investment scam and want to regain the losses. Avoid taking a second chance on the con artists and learn from your mistakes by moving on.
Remain in Control of Your Money
Avoid placing all of your trust into professionals who wants to take over your finances, making it important to stay in control of the nest egg to avoid losing everything.
This is how pro sports players wind up broke. Once you have the assets to justify it (especially if they were acquired quickly) you should surround yourself with the best advisors for investing, insurance, estate planning, taxes, and a good life coach.
Meet with these people several times a year – always together in the same room so you can be sure that they are acting in your best interest.
Many people fail to put as much energy into protecting their finances as they do in building their savings over the years. By taking the necessary precautions, you can avoid financial ruin and protect your future.Facebook.com/doable.finance