The 5 Biggest Risks to Your Retirement (and How to Insure Against Them)
Retirement should be a time of relaxation, but it comes with financial risks that can jeopardize your security. If you’re approaching or enjoying retirement with significant wealth, it’s crucial to understand and mitigate these risks: taxes, longevity, poor market returns, major health events, and inflation.
1. Taxes: Roth conversions can act as "tax insurance," allowing you to pay taxes upfront and enjoy tax-free withdrawals later. This strategy protects against potential future tax hikes.
2. Longevity: To guard against outliving your savings, maximize Social Security benefits by delaying your claim until age 70, which increases your monthly payments by up to 32%.
3. Market Risk: Annuities offer a safety net against poor market returns by providing a guaranteed income stream, though they may come with lower returns and higher fees.
4. Health Events: Protect against substantial medical expenses with adequate health insurance and consider long-term care coverage to manage the costs of extended care.
5. Inflation: Invest in stocks to preserve purchasing power, as they have historically outpaced inflation, ensuring your money maintains its value over time.
By implementing these strategies, you can safeguard your retirement and ensure a more comfortable and secure future.
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⏱Timestamps:⏱
0:00 - Risk 1: Taxes
2:38 - Risk 2: Longevity
4:37 - Risk 3: The market
6:47 - Risk 4: Major health event
9:39 - Take care today
10:34 - Risk 5: Inflation
14:05 - A word on gold
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