Guarding your Nest Egg:
By: Max ValaVanis, CFP®
Medieval kings built moats and hired knights to protect what they spent a lifetime accumulating. You probably don’t have a moat, but protecting your retirement assets requires just as much strategy. Often seniors come to me and present their 401(k)s or IRAs, walking me through their investment choices. What strikes me is that many of them are focused on doubling their money, not protecting it. I will ask you the same question I ask them in these meetings: if you doubled your money today, would it change your lifestyle? Some nod yes, but most are comfortable where they are. Then I ask the harder question: If you lost half of your money tomorrow, would your lifestyle have to change? Nearly all of them would say absolutely yes. This gap, between the potential upside and the downside that could change everything, is exactly why guarding your nest egg matters.
Some of the scariest introductory meetings I have are when a senior doesn’t know what they own. At this point, it is my obligation to help them understand types of investments they are devoting to their retirement wealth. Often this also involves understanding your “Risk Tolerance” and how different investments interact with each other to create a tailored portfolio. As a Certified Financial Planner®, I help clients build properly diversified portfolios suited to their specific risk tolerance. There are thousands of investment options available to you, and finding the right fit can be both challenging and overwhelming.
Moreover, simple and affordable insurance plans can also help you protect your nest egg. Sufficient homeowners’ insurance, auto insurance, or umbrella policies can all protect you when an unexpected event occurs in your life. If you haven’t reviewed your coverages recently, now might be the best time. A simple plumbing leak or car accident has the potential to derail a retirement plan.
If your goal is to enjoy your life’s earnings, but still want to leave a legacy, life insurance might be your answer. While some options can be complicated and expensive, there are straightforward and affordable options available to many retirees. Life Insurance can guard your nest egg in more ways than one. Besides leaving a legacy for your loved ones, it can help your spouse pay off a mortgage or supplement lost Social Security.
These are just a few ways to guard your nest egg. No two people reading this article will have the same financial situation or personal goals. This is why it is important to curate a financial plan that is specific to you and your needs. As a board-Certified Financial Planner®, not only do I have the experience, but the knowledge to assist all of my clients with their goals. If the concept of guarding your nest egg interests you, I encourage you to book a free, no obligation appointment with me at ValaVanis Financial. We are located in downtown Melbourne, but also take introductory appointments via Zoom and phone. To book an appointment, call (321) 956-7072.
Securities offered through J.W. Cole Financial, Inc. (JWC) Member FINRA/SIPC. Advisory services offered through J.W. Cole Advisors, Inc. (JWCA). ValaVanis Financial and JWC/JWCA are unaffiliated entities.