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Avoid These Top 5 Missteps That Drain Retirement Assets

Avoid These Top 5 Missteps That Drain Retirement AssetsA 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. Here are five common mistakes retirees make that can drain retirement assets -- and that you should avoid:

Overgifting. Many retirees tend to overgift 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 are likely arise at some time during your life.

A qualified Florida elder law attorney can help you plan for your own needs as you age as well as assist families with caring for elderly loved ones; to learn more, contact our Florida law firm for more information.

Categories: Retirement Planning
dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169