It is crucial that retirees protect their assets — including real estate, physical goods like jewelry, and financial resources like cash and stocks —from hazards in their golden years. Get good insurance to protect your assets against lawsuits and liability, and never put too much into any one type or class of asset. Putting money into legally-protected retirement accounts is also a good way to put it beyond the reach of creditors, and in some situations you may also be able to pass things to relatives.
- An asset is literally anything that can be converted into monetary value, which can be made into cash as required.
- Therefore, assets are your cash savings and your monetary investments, as well as those items of value, such as property and jewelry, which can be converted into cash.
- It’s a good idea to get your assets insured, so that should an unforeseen event arise, such as a lawsuit, your assets are protected.
“In order to protect your assets, you should diversify your investments.”