Building assets when you are younger and working in Seneca, SC, offers opportunities for investing for your retirement. However, when working with a Registered Financial Consultant like Matthew Dixon, finding ways to protect your assets is just as important for your retirement plan.
In general, asset protection is used to protect your estate from legal actions or from creditors. While this may seem like a rather rare occurrence, legal actions can occur from within a family as well as from without. Taking the time to talk to Matthew Dixon when developing a strategic retirement plan builds in protection for the assets by structuring the estate to minimize risk.
Retirement Accounts are Safe Options
After discussing options with Matthew Dixon, many people are surprised to find that retirement accounts through employers are generally protected from both bankruptcy and non-bankruptcy types of claims or actions.
However, the same level of protection is not offered through IRAs or any type of pension plan not managed by an employer. States may offer specific protections for these types of plans, which is well worth investigating if you have concerns.
Life Insurance Policies and Annuities
Many areas of the country offer protection for both annuities and life insurance policies. It may also be possible to transfer the life insurance into an irrevocable trust, preventing anyone from accessing the cash value. The drawback to this is that you cannot use the cash value of the life insurance policy as it is in the trust.
There are many ways to protect your retirement. If you are in the Seneca, SC, area, talking to an experienced Registered Financial Consultant is a wise first step.
