Guest Column: Retirement assets need to be protected against the unexpected

Many people take every care when planning for retirement. Saving wisely, not overextending finances, and having a detailed plan are essential. Even with these precautions, one accident or unforeseen expense can wipe out even the best-intentioned retirement plan. Because of this, people need to consider the right protection for their savings.

Protecting the assets youve worked so hard to build and maintain only makes sense, says Patrick Egan, chief retirement spokesperson for Thrivent Financial for Lutherans. Ensuring your family and finances will be cared for is an essential part of a healthy financial picture.

Unexpected events like a premature death can undermine a familys retirement assets because there are no new contributions to savings, 401k or IRAs. The impact of this disruption has significant consequences for the surviving spouse, especially if the spouse is years from retirement.

Adequate life insurance coverage can help people protect their retirement savings while giving them the security of knowing that income lost upon an untimely death may be replaced.

Like death, disabilities can create major problems for retirement plans. Unfortunately, disabilities are more common than people realize.

Whatever the cause of the disability, disrupting someones income is certain to interrupt the funding of their retirement plans. In addition, disabilities can greatly increase both near-term and long term expenses. Its no surprise that without income and with increased expenses, disabilities can quickly deplete savings.

Fortunately, disability income insurance helps protect against this. If someone is unable to work due to a qualifying illness or accident, this vital coverage can help cover some or all monthly expenses, depending upon the individual plan. Avoiding the need to deplete savings helps protect retirement assets, keeping someones financial planning efforts intact.

Long-term care is yet another misfortune that can quickly deplete retirement assets, yet many people think the need for long-term care is remote.

Careful planning can help protect retirement assets and gives the freedom to make choices about the kind of care someone receives. Long-term care insurance helps protect assets and income from the high costs that come along with long-term medical needs.

A qualified financial professional can help set up a strategy to protect retirement assets against the unexpected costs connected with death, disability and long-term care. They can also assist with appropriate retirement planning, to begin building a financial future worth protecting.

Thrivent Financial is represented in the local area by East Berks Group, which includes FR Gary Bond, Scot Guldin and Jennifer Weil at 102 Tomahawk Drive, Kutztown, 610-683-3564. Thrivent Financial is represented in the local area by a number of financial representatives. Individuals interested in contacting a local Thrivent Financial representative can find more information at www.thrivent.com.

Join the Conversation