Asset Planning Designed For The Lifestyle You Desire
Goldstone's professional asset planners help you prepare for your retirement and beyond.
Speak With an Asset Planner
Asset Planning Designed For The Lifestyle You Desire
Goldstone's professional asset planners help you prepare for your retirement and beyond.
Speak With an Asset Planner Asset Planning Designed For The Lifestyle You Desire
Goldstone's professional asset planners help you prepare for your retirement and beyond.
Speak With an Asset Planner Appearances On:
Goldstone Asset Advisors for Retirees
Asset planning isn’t just about saving up enough money to live comfortably in retirement. It’s also about safeguarding your assets and savings from potential financial losses due to fraud, exploitation, and investment mistakes. Asset protection planning is a crucial component of retirement planning, especially for retirees who rely on their retirement income and savings to fund their lifestyle. Goldstone Financial Group’s asset planners develop strategies that can help protect your hard-earned savings and ensure a more secure financial nest egg for a stress-free retirement.
Comprehensive Strategies From Asset Planners
Financial institutions and advisory firms like Goldstone Financial Group offer several ways to protect your savings from financial exploitation, identity theft, and other types of loss. Below are some examples of account protection strategies that you can use.
Alerts: You can set up an alert on your bank account to get notified when a transaction over a specified dollar amount occurs or when money is transferred beyond a specific geographic area. This will help you monitor your account activity and detect any unauthorized transactions.
Account Lockdowns: You can pre-approve the only authorized withdrawals that can be made from your asset accounts. This allows only periodic electronic transfers from your investment and savings accounts to your checking account. If anyone wants to change these withdrawals, the financial institution will make them go through additional security steps.
Account Monitoring with Third-Party Alerts: There are services that permit trusted third parties to receive alerts when a transaction appears suspicious. This allows you to appoint a trusted individual to help monitor your accounts and detect any fraudulent activities.
Annuities to Protect Your Assets
An annuity is another way to protect your retirement income from investment losses due to market volatility or investment mistakes. An annuity can provide a stream of monthly retirement income that lasts the rest of your life. With most annuities your assets are backed by some of the largest insurance firms in the world, separate from the stock market, which protects you from certain market losses. However, it’s important to note that buying an annuity may be a confusing process. To make things easier, speak with one of our fiduciary advisors to find a cost-effective annuity that fits your income protection needs. Working with a fiduciary firm like Goldstone can help you make the right choice, and the fiduciary responsibility we abide by will ensure your best interests are at the heart of planning out your retirement.
Employee Retirement Income Security Act (ERISA):
The Employee Retirement Income Security Act (ERISA) is a federal law that sets standards for private employer-sponsored retirement plans. ERISA provides some asset protection benefits to participants in these plans.
For instance, ERISA plans, such as 401(k)s and pensions, are protected from creditors in certain situations. ERISA also prohibits employers from firing or discriminating against employees who participate in ERISA plans.
However, ERISA plans are not invincible to creditor claims. For example, if a participant owes child support, that support may be collected from the participant’s ERISA account.
Federal & State Laws Around Asset Planning
Federal and state laws play a significant role in protecting your retirement assets. For example, some states exempt more significant amounts of equity in the retiree’s home or protect more types of retirement accounts. However, there are limits to these exemptions. For instance, qualified retirement plans are only protected up to a certain amount. In 2023, this amount is $1,512,350 per person. SEP IRAs, SIMPLE IRAs, and most rollover IRAs and 401(k)s are fully protected in certain situations. Additionally, non-qualified retirement plans, such as deferred compensation plans, are not protected by federal law and may be subject to creditor claims. On the other hand, some states offer fewer asset protection benefits. In these states, retirees may need to implement additional strategies, such as creating trusts, to safeguard their assets from creditors. It’s essential to consult with a knowledgeable financial professional like Goldstone’s fiduciary advisors to determine the specific asset protection laws in your state.
