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For most of our lives, retirement is a distant thought that seems years and years away. Then, as with all things time-related, we find this new phase of life to be just around the corner. But, how exactly do we know when to retire?
Deciding when to retire may not be one decision but a series of decisions and calculations. For example, you'll need to estimate not only your anticipated expenses, but also what sources of retirement income you'll have and how long you'll need your retirement savings to last. You'll need to take into account your life expectancy and health as well as when you want to start receiving Social Security or pension benefits, and when you'll start to tap your retirement savings.
At any given point in time, retiree confidence is an important measurement. People want to know that they will have the funds they need to live comfortably when it comes time to retire and that their healthcare needs will be met. In light of the current pandemic and accompanying economic downturn, retiree confidence has shifted.
On May 13, 2019, escalating trade tensions between the United States and China sparked a worldwide stock sell-off that wiped out more than $1 trillion in global equity values.1 The markets recovered over the next three days, but tensions between the economic giants continued to drive volatility with no resolution in sight.2 Investors sometimes overreact to short-term events, but the conflict with China has been simmering for decades, and an extended trade war could have long-term economic consequences.
The loss of a spouse can be a devastating, life-changing event. Due to longer life expectancies, women are more likely to face this situation. Even if you've always handled your family's finances, the number of financial and legal matters that have to be settled in the weeks and months following your loved one's death can be overwhelming.
As a veteran, you have served and protected our nation with honor. A financial advisor can help clarify and prioritize your goals so that you can have the secure financial future that you deserve.
To insulate your property from such claims, you'll have to evaluate each tool in terms of your own situation. You may decide that insurance and a Declaration of Homestead may be sufficient protection for your home because your exposure to a claim is low. For high exposure, you may want to create a business entity or an offshore trust to shield your assets. Remember, no asset protection tool is guaranteed to work, and you may have to adjust your asset protection strategies as your situation or the laws change.