Sunday, June 23, 2013

How To Make Sure That Your Retirement Plans Are Safe

Everyone wants to retire at some point in their lives. Unfortunately, you won't be able to retire unless you take steps now to create, fund and protect a variety of plans designed to allow you to retire in comfort. What can you do to make sure that your retirement plans are safe?

Monitor Your Accounts On A Regular Basis

It is a good idea to go over the status of your accounts at least once a quarter. You can make an appointment with your accountant or set aside an afternoon to ensure that your accounts are active and no suspicious activity can be detected. By constantly monitoring your accounts, you can see if anyone is taking money out of them without your knowledge or consent. If you do see something happening with your accounts that you did not authorize, contact your broker immediately to find out what is going on.

Know Your Time Horizon

If you are just starting out in the working world, you can afford to put your money in volatile accounts that are going to make a large overall return. However, you should put your money into conservative income accounts as you get closer to retirement. Although your returns each year will start to decline, you are more focused on not losing your entire investment as opposed to obtaining maximum growth.

Do Your Research Before Investing Any Of Your Money

It is important to read a prospectus before investing in a mutual fund to understand the tax implications of your investment as well as any expenses involved. Before choosing a broker, make sure that your broker has many years of experience in the field of financial management. If you don't take the time to find out how much you will be spending in fees as well as who is managing your money, you could see your accounts drained with no chance of getting your money back.

Always Retain Custodial Control Of Your Accounts

Under no circumstances should you cede control of your accounts to any third-party. Even if your children want to manage your money as you get older, you should refuse their requests. If you cede control of your accounts, you no longer know that your money is going to continue to work for you or be there for you when you retire.

Don't Give Out Account Information Over The Phone

Never give out account information to anyone over the phone. Regardless of who the caller says he or she is, you don't know for sure who you are talking to. If someone needs account information updated or verified, meet with your broker face-to-face to discuss the matter. If anyone asks for your social security information, you can refer that person to your social security attorney Indianapolis.

It is important that you keep your retirement accounts safe from anyone who may want to take your money. You cannot expect anyone else to keep your money safe for you when there may be $1 million or more in the account. By following some common sense rules, your retirement accounts will always stay protected.

1 comment:

  1. I couldn't agree more. I believe monitoring your accounts personally works best.


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