Risk Management Consultant
Personal Risk Management Consultant in North & South Carolina
Safeguarding your income – even in retirement – requires forethought, planning, and careful action.
A personal risk management consultant (sometimes called a risk management advisor) can help you plan out how you want to approach retirement. Below, we share why risk management should be on your radar – and some of the events you might need to prepare for.
Why Risk Management is Crucial
Life happens quickly. You never know when you might experience a loss – whether it’s a job, an investment, or a loved one.
Why Risk Management is Crucial
Retirement risk management offers foresight into how you can approach an unexpected loss without radically disrupting your lifestyle or future plans. You’ll be able to understand your assets (investments, your health, properties, collections, earnings, etc.) and can plan to protect them in case of emergencies.
Personal Risk Management and Retirement Planning
Planning for retirement can be difficult, so planning ahead to mitigating some of the risks associated with retirement income just makes sense. If your income suddenly dipped or vanished completely – how long would the wealth you’ve accumulated last?
Personal Risk Management and Retirement Planning
That’s why retirement planning and risk management go hand-in-hand. With the right plan, you’ll be better situated to navigate a sudden loss of income (or other disaster) in later stages of life. A risk management plan can potentially help you to avoid drastic lifestyle changes and absorb sudden expenses without creating future burdens.
Common Retirement Risks
Mitigating risk starts by knowing what you need to plan ahead for. Below are four common retirement risks and why you should consider them.
Longevity Risks
Companies that offer a pension are increasingly uncommon, but older Americans may still have pension benefits available. Unfortunately, poor management of pension funds by a company can leave pensioners exposed to greater risks – like lost income.
Market & Inflation Risks
The 2008 housing crisis and the Covid-19 Pandemic have shown us that the market is beyond any one person’s control. Hoping for the best and planning for the worst can help you when considering the risks brought on by inflation or market activity.
Pension Risks
Companies that offer a pension are increasingly uncommon, but older Americans may still have pension benefits available. Unfortunately, poor management of pension funds by a company can leave pensioners exposed to greater risks – like lost income.
Health Care Risks
Sudden health emergencies can happen at any time, but they’re especially tricky during retirement and old age. If you’re not prepared, an extended hospital stay could have you stressed about more than your health – it could leave you worried about the rest of your retirement.
The Role of a Personal Risk Management Consultant
A personal risk management consultant’s role is to help you prepare. As we discussed above, retirement comes with a lot of risks that can negatively impact your lifestyle – or even your quality of life.
As you approach retirement, it’s worth taking the time to consult with a professional who has helped others prepare for this vulnerable time of life. With the right team, you can live a long life knowing that your retirement income is designed to last as long as possible.
Work with TruNorth Advisors
TruNorth Advisors offers risk management consultant services to residents of North and South Carolina.
Together, we can help you understand your financial situation as you approach retirement – and build a plan that manages your risk and provides peace of mind. Get in touch today to see how a TruNorth personal risk management consultant can help you plan for your retirement.