Hiring a Wealth Manager (for your Retirement Planning) Can Protect your Assets in the Following Ways

Chris Maurer |

Many people today rely on their pensions and social security, but these streams of income may not be enough to fund the lifestyle you're looking forward to in retirement. Wealth managers help ensure property, investments, and other assets are protected for the future. Learn how wealth managers can help secure your assets and provide a pathway toward a more prosperous life as a retiree. 

How Wealth Managers Foster Financial Security   

Your wealth is vulnerable to numerous liabilities, from simple calculating mistakes to fraud. Wealth managers safeguard these assets through various financial techniques to ensure your retirement is as fulfilling as possible. Consider the following methods wealth management professionals use to protect your assets: 

          Analyzing Your Spending Habits  

A wealth manager can evaluate your lifestyle spending to determine if it exceeds your guaranteed income sources. They examine your tax returns and budgets to gauge your spending habits and estimate how inflation may affect these expenses. 

If your spending surpasses your income, a retirement wealth management professional helps determine how to make up the difference through investments and accumulated assets. To ensure these possessions are protected, they assess and observe any investment risk incurred to effectively meet your spending needs. 

Assessing Guaranteed Income Sources 

Financial advisors at wealth management firms analyze your pension and social security to help you best utilize these resources. For example, they may suggest collecting a guaranteed monthly payment from a traditional or cash balance pension to accumulate more wealth over your retirement period. Additionally, set pension payments help shield your assets from exploitation, fraud, and investment errors. 

When it comes to social security, wealth managers can help you decide whether or not to delay receiving benefits once you reach the eligible age. This approach transfers accessible savings from a lump sum payment into guaranteed monthly income from the government, securing your assets against fraud. Depending on your age, this bridge strategy can increase your overall social security income significantly. 

         Assisting with Annuities 

An annuity protects you against losses if you make mistakes with investing or the stock market falters. You may use a portion of your retirement savings to buy an annuity that produces a steady stream of monthly income for life. You won’t have to withdraw all your money at once with this type of strategy, which shields you against potentially devastating losses. 

Although annuities offer considerable financial benefits, applying for them can be complicated, and some come with expensive fees. A wealth manager with your best interests in mind can help you find a cost-efficient annuity that furthers your retirement goals. 

Administering Employer Retirement Plans 

If you have a 401(k) or another employer-sponsored plan, consider holding your retirement savings in your account as fiduciaries manage these plans. Unlike banks and other wealth management firms, fiduciaries must act in the best interests of their clients by law. Therefore, these plans offer greater wealth security for your retirement reserve. 

Despite the benefits of employer-sponsored plans, you may prefer to move your retirement savings to other accounts. Even in these cases, wealth management professionals as fiduciaries will help you explore the best options for your needs. 

Providing Guidance through Life Changes

From purchasing a house to switching careers, certain moves can positively or negatively impact your financial future. As your needs change over the course of your lifetime, a wealth manager is someone you can turn to who can help ensure your retirement plan is still on track. With a host of services available, financial professionals are valuable partners.

Get in Touch with the Wealth Managers at Park Place Financial  

When it comes to retirement planning and wealth management, your assets are crucial to a financially successful future in this next phase of your life. At Park Place Financial, we examine your current financial situation, including your possessions and investments, to make informed recommendations that match your retirement goals. Our financial advisors work with you to develop meaningful plans, allowing you to gain insight from an informed perspective and feel confident about your choices. 

As a fiduciary, we maintain the highest ethical standards through complete transparency and integrity in serving our clients’ best interests. Contact us today to learn more about retirement wealth management and creating a personalized plan to meet your financial goals.