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Practical Tips to Protect your Finances During Retirement

May 23 2011

Assess your Financial Preparedness

As you near your age of retreat from the work force, it is best to take a good hard look at your current assets and liabilities to determine if you are financially ready to take on retirement. Though there are a number of resources available over the internet to help you assess your financial state, working with a financial planner can prove to be highly effective. A financial planner is someone who will help you assess and map out a plan to achieve financial stability in your twilight years.

Consider Insurance

As you mature, insurance becomes even more important. As such, allocating a portion of your retirement budget towards an over 60's life insurance policy is a sure fire way to secure and prepare for the future needs of a spouse or family members. Now is a good time to discuss your retirement needs with your insurance agent and find a policy that will best meet your requirements.

Diversify your Portfolio

Those who are at the footsteps of retirement should opt for safer investments that will allow you to enjoy steady returns. One good way to do so is by investing in annuities. Just remember to work with a reputable company and look at every angle of your investment before turning over some of your hard earned assets.

Look to the Possibility of Enjoying a Working Retirement

Many of our retirees today are busily spending their retirement years working. That's right, retiring does not necessarily mean you need to drop everything. In fact, if you feel that you are still strong enough, doing extra work might actually do you good. Aside from generating extra income, working also allows you to stay physically and mentally healthy.

Jenny is a writer for totallymoney.com. Financial planning for retirees is her focus, and she offers insight into everything from budgeting on a fixed income to over 60's life insurance policies that will help take care of your other family members without costing you an arm and a leg.

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