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Don’t Let a Disaster Destroy Your Retirement Lifestyle

July 15, 2019

From the U.S. News & World Report website

August 31, 2015 – click on photograph to enlarge

Whether it’s a hurricane or flood, an accident or illness, or even a market crash, a disaster could lead to a financial setback that will be difficult to recover from, especially for retirees living on a fixed income.

Retirees are filing for bankruptcy in record numbers. One in seven bankruptcy filers is age 65 or over, a five-fold increase over the past two and a half decades, according to a 2018 Consumer Bankruptcy Project report.

Adding a disaster to an already delicate financial situation can easily put retirees over the top. “There are lots of ways you can lose money to different risks,” says Dave Totah, a financial planner at Exencial Wealth Advisors in Frisco, Texas. “Your home can burn down, you can be in an auto wreck or you can get sued. You can at least try to cover yourself in most areas. For the areas you can’t cover, how do you lessen the risk?”

Here’s what financial advisors recommend to help prepare for and survive a disaster.

Earlier Retiree News post: How to Deal with a Financial Emergency in Retirement

From → Finance

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