Managing Retirement Risks
08 Oct 2015
It’s not much fun to talk about all of the risks that one faces in life and finances—but it is critical to understand them, because they can scuttle the best-laid plan.
When I talk about risk management, I include anything that could potentially derail your financial plan. When most people think of risk management, they’re thinking purely about insurances. But remember that the things that insurance protects against are not the only risks to your financial welfare.
For example, you face the risk of unnecessarily paying more taxes than the government requires of you, and you face a variety of legal risks that must be examined in your “above the grass” and “below the grass” planning. Your income itself also could be at risk. It’s important to assess the reliability of your income, looking at all the sources, how stable they are, and what protective measures are in place.
To learn more about the 6 Big Retirement Risks, click here.