site statistics

Small Business
Planning & Resources
Community Focus
About Us

Protecting What You've Put Aside

Take steps to hold on to your gains.

There comes a time when you still want to grow your retirement savings, but also want to keep what you've saved and earned over the years. This is the time to seek financial planning advice for creating an asset preservation strategy.

With an asset preservation strategy, you'll protect your wealth from several threats:

  • Market fluctuations
  • Taxes
  • Unforeseen illness or injury
  • Your death

Re-think your risk profile

While you may still have lots of time to put money aside, you may find the rewards of high-risk investments to be less attractive than you once did. Talk with your investment advisor about restructuring your portfolio to better suit your risk tolerance.

Investigate insurance

No one wants to think about the unthinkable. But an accident or catastrophic illness can potentially wipe out the assets you've worked hard to earn. Review your life insurance policies to see if you have enough coverage to protect your home and savings.

Take shelter from the tax man

Depending on your situation and eligibility, converting all or a portion of your retirement savings to a Roth IRA may reduce your tax liability over the long term. Unlike a Regular IRA, 401(k) or other retirement savings plan, withdrawals from a Roth IRA are not taxable. While you will pay taxes when you convert to a Roth IRA, they may be less than you'd pay later when you make withdrawals.

There are other restrictions and considerations for you to take into account. Weigh the potential benefits of a Roth IRA conversion with your financial advisor.

Think about your heirs

Do you know what will happen to your assets after you die? Are you aware of the tax consequences of inheritance? Through the process of estate planning, you can:

  • Ensure through your will that your assets pass to the beneficiaries you specifically designate.
  • Minimize the tax burden of their inheritance.