When you’ve worked hard all of your life to build up a nest egg for your retirement, the last thing you want is for it to disappear because of an illness or a need for long-term care. Without careful planning to position and protect your assets, though, that’s exactly the risk you take. You can mitigate that risk by working with a company like CLA USA to actively protect your nest egg and preserve your assets for your need. CLA’s financial services include education on asset preservation and asset financial advice to help you protect your wealth with conservative financial planning tools.
Why Asset Preservation Is Important
Over the past few years, most Americans have watched their retirement funds take a big hit as the turmoil in the financial industry upset apple carts and nest eggs alike. If your assets were held in many traditional investment vehicles such as mutual funds, you probably watched your planned income lose value on an almost daily basis.
The vicissitudes of the markets are only one of the dangers confronting your retirement assets, though. According to American Elder Care Research, one in three American seniors will eventually enter a nursing home or other long-term care facility. The average cost of long term care for seniors can be over $75,000 a year – and if you thought that Medicare would protect you from those costs, you have another think coming. In most circumstances, Medicare doesn’t cover assisted living services and only pays for a small percentage of nursing home care expenses. The average middle income family who has not planned ahead for the possibility of long term care expenses can find their retirement nest egg rapidly dwindling when it becomes a reality.
Catastrophic illnesses can likewise drain retirement accounts and deplete those assets you planned on using for your retirement or that you counted on handing down to your spouse or children. Many seniors who face serious illnesses end up using their homes as collateral. Medical expenses are one of the common reasons for bankruptcy filings at all ages.
All of these losses can be mitigated, if not entirely prevented, by careful financial planning designed to protect your estate, including your home, your most important asset. Financial advice from qualified consultants can help you understand the various tools that exist to help you preserve the nest egg you’ve built up and protect your assets for your own use and for your family.
CLA USA focuses on conservative financial planning strategies that are designed to protect the value you’ve built over the years. You’ve spent years building your nest egg for your retirement. CLA USA can help ensure that your nest egg will be there when you need it.