Protecting Your Finances In Retirement

February 3, 2023

Once you reach retirement your wealth is spread across a variety of assets. For example, you may have IRAs, annuities, individual accounts, just to name a few. These types of accounts can benefit from some sort of protection against things like foreclosures and lawsuits. With our world becoming increasingly more sue-happy it’s important to have the proper protection in place.

Retirement accounts are where the bulk of wealth is for most retirees. From a protection standpoint, this is good because assets in retirement accounts are protected from creditors in many cases. However, non-retirement accounts like a normal brokerage account can be at risk if the retiree is sued. To protect, it’s important to check that your automobile or homeowners policies have enough liability coverage.

A relatively easy and inexpensive way to obtain this protection is to purchase an umbrella policy. An umbrella policy can provide additional liability coverage of $1 million or more. Policies can be purchased for a few hundred dollars a year. If you are interested in getting an umbrella policy to obtain extra coverage, we suggest you contact Anthony Figueroa of Heartland Insurance Group at 5206317629. Anthony is an independent insurance agent so he can shop the market to find your best quote.