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But how are you managing to keep that money safe?
Stay involved in the management of your assets before and through retirement to safeguard your financial future.
Here are the 10 bestways to keep your nest egg safe from retirement planners and financial experts.
Diversify
When it comes to diversification, Pace means across accounts and investment types.
Have a mix of individual and joint accounts, as well as CDs, bonds and conservative stocks.
That way no single downturn can devastate your savings, Pace said.
When I was a trust officer, I ensured portfolios were balanced to minimize risk.
Spread investments across asset classes like stocks, bonds, real estate and precious metals.
That way, if one area declines in value, the others may hold steady or increase.
Diligent planning with knowledgeable professionals is key to protecting your nest egg, Fritch said.
Prestizia Insurancefounder John Crist said, Choose annuities and fixed index annuities which offer guaranteed income for life.
Go With Low Risk and Low Fee
Choose low-risk, low-fee options, Pace said.
Crist agreed, Opt forlow-risk, low-fee investment vehicleslike money market accounts and certificates of deposit.
These FDIC-insured options protect your principal while generating modest returns.
High fees and volatile investments erode your principal, Pace continued.
Focus on stability and limiting costs.
Atmy CPA firm, we recommend CDs, money markets and high-quality short-term bonds for nest eggs.
Be mindful of inflation, said Justin Godur, the CEO and founder ofCapital Max.
It erodes purchasing power over time.
Another critical point is to consider tax-efficient strategies, Godur pointed out.
Failing to update these as life circumstances change can lead to assets going to unintended recipients.
Ive seen costly legal battles emerge from outdated designations, Pace said.
Review and update beneficiary designations periodically to reflect your current wishes, Brilliant continued.
Consider investing inlong-term care insuranceto cover potential costs for extended care, Jimenz said.
Interview estate planning attorneys, CPAs, financial advisors and money managers before hiring them, Brilliant said.
Checkcredentials, experience, references, services and fees.
Once hired, meet regularly to review and update plans.
Crist advised to keep some cash on hand foremergencies and short-term needs.
Hold six to 12 months of expenses in a high-yield savings account.
This way you avoid tapping into long-term investments unexpectedly.
Double Check the Details
Check account statements frequently for errors or fraud, Pace said.
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