elderly couple on bench - certified financial planners farmington connecticut
  • By Andrew Komarow
  • Posted January 26, 2022

A Certified Financial Planner Advises On Threats To Your Retirement And How to Avoid Them

While not everyone is money savvy, most everyone seeks a comfortable retired life not marred by financial instability. Thinking ahead to your retirement, you should take steps to plan out your finances now to eliminate future problems. Your future financial security relies heavily on the choices you make today.

Market Declines

You may think that your retirement funds are safely accounted for in certain stocks, but, as crises of the past have shown, the economic market is anything but stable. Due to international relations, demand, and the varying success of different businesses, the market is constantly fluctuating. Depending on how your money is invested, sudden and steep market declines can put you in an immediate financial setback, threatening your planned retirement. You can avoid such drastic setbacks in the face of unpredictable market declines by investing your money among several or many different stocks or companies and seeking more stable investments, like gold, that are not so easily influenced by market fluctuations.

Identity Theft

Identity theft can affect all age groups, but the elderly are among the most vulnerable groups to identity theft. This is because as you age, you gain more of a financial presence and identity based on your accumulating credit score, various jobs, and investments throughout life. As more financial information and data is collected on you, you must remain vigilant in keeping it all secure. You must be careful to never share financial information or too much identifiable information on social media or other platforms because hackers can use that to steal your identity.

Insufficient Financial Planning

One of the biggest threats to your successful retirement is simply not having sufficient funds to retire at a desired age. This can be avoided by having a financial plan year in place decades before your planned retirement that can be adjusted depending on your financial growth and status at any given moment. If you are not comfortable planning out your finances or have questions, it can be beneficial to meet with a financial advisor who can help you make and meet your financial goals leading up to and including retirement plans.

You work hard every day seeking to build a better, more secure future for yourself and your loved ones. Don’t fall into the trap of being “too busy” to consistently set aside time to seriously think about your finances. Retirement can be, with conscious planning, everything you wish it to be.

Check out this article on what life insurance can mean for you when financially planning!

Contact Tenpath Financial Group for financial planning services.