When you are retired, or nearing retirement, you want to do everything you can to protect your retirement. The question is, are you prepared to avoid the pitfalls that can take money out of your nest egg? Anna Christine, a partner with Golden Reserve, appeared on “Live In The D” to talk about risks you need to avoid.
“Having a roadmap in retirement is very important. To not only address the four major risk areas, but also how we can mitigate those risks for you,” said Christine.
First, she talked about taxes. Christine says taxes are often the most overlooked debt in retirement. She says it’s very important to have a plan on how you are going to deal with that hit to your savings.
Next, Christine talked about how fees can also be a hit to your retirement savings. She says some financial advisors will be unclear on the percentage they charge that will come out of your life savings. “Our fee filter takes what your fee actually is, and shows it to you. Also, those investment fees that are often hidden in your portfolio,” said Christine.
Market volatility is the third risk she addressed saying trying to control your vulnerability to changing markets is key. Christine says you need to make adjustments so you aren’t left in the lurch.
Finally, Christine says if you aren’t factoring long-term care into your retirement expenses, you are factoring in the number one reason why widows go broke in retirement.
To see how Golden Reserve can help you with retirement, click here.
To hear more advice click the video player above.