3 Steps to Protect Assets When You Retire

If you’ve set yourself up right, retirement will be as easy as a piece of cake. However, if you don’t take steps to protect assets you’ve worked so hard to acquire, your retirement might not be the cake walk you want. Here are three steps that can help you protect those hard-earned assets when you retire.

Whole Life Insurance Policy

Many people don’t think about this, but a whole life insurance policy is one of the most perfect ways to protect your investment. For one, you can count on it for cash and liquidity. You can also count on tax-free minimum rates of return that are guaranteed by contract. This is almost a guaranteed way to protect assets. A whole life insurance policy is the perfect emergency fund in retirement or a fund that you can leave to your grandchildren, donate to the charity of your choice, or basically flex however you want in retirement.

Think Beyond the Traditional

Traditional and Roth IRAs are great retirement tools, but they aren’t the only ones. You can use other types of interest-bearing accounts to save money and protect assets. Checking and savings accounts are great for this. You won’t have to worry about taxes later down the line and you’ll earn interest while keeping your money safe.

Pass on Assets to Protect Assets

There is no rule that you must wait until you’re a certain age to pass assets over to a relative. Once these assets have been passed legally and properly, they’ll no longer be at risk once you retire. You should pass them on well before you consider settling into a retirement home or nursing home.

The three steps above are just a few of many you can take to protect assets upon retiring. An estate planning lawyer in Las Vegas may be able to point you in the right direction, so you’ll have no worries during your golden years.