Planning for financial needs in retirement takes a certain amount of foresight. In order to make sure that your retirement years are properly funded make sure to avoid these mistakes.
Assuming Your Portfolio is Fine
The business world is ever changing. This means, investments that were fine yesterday or a week ago might not be returning the same on your investments. You might also need to liquidate assets quickly in order to cover sudden medical expense. Make sure to your portfolio is kept up to date and matches your current financial needs.
If It Looks Too Good to be True, It Probably Is
Statistics say that 20% of Americans over the age of 65 have been preyed upon by scam artists. Identify thieves, phone scammers and con artists are always working on ways to separate you from your hard earned money. Stay up on the latest scams and look closely at any offer that seems like it is too good to be true. If the deal feels wrong, it probably means there is some sort of scam or con going on.
Family Members as Financial Advisors
Having an expert who handles your finances is a better bet than letting a well-meaning relative take over your portfolio. While many family members have good intentions at heart, they simply do not have the expertise needed to navigate the complex financial world. The short term savings might turn into long term large losses.
For any legal questions about financial planning, contact Stano Law Group!
