Articles about retirement planning typically discuss saving for the future and using different investment vehicles to help grow savings. You also may encounter articles about distribution methods for tax efficiency and longevity in retirement. How about protecting investments? No, not protection from the market, inflation, or other retirement risks, but protection from outside parties such as creditors. Here are a few things to know:
These are just general items to know when speaking with a client regarding asset protection. The plan is to get ahead of a situation before it happens with the hope it doesn’t happen at all. Clients also should seek legal advice in their specific states so there are no surprises in the long run.
Retirement planning is a process. For clients to be prepared, they must understand the process from start to finish. With all that has happened with the pandemic, clients may be prone to protecting assets. This does not mean protection just from the market, but also from creditors and third parties. Laying out a plan and showing transparency of risks could lead to trust and success in retirement.
For more information on retirement-planning strategies, please contact the Retirement Strategies Group at (800) 722-2333, or email us at RSG@PacificLife.com.
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