You have an estate planner that you can trust, but do you have a trusted contact close to you that they can call for emergencies? It’s one thing to have a contingency plan, but who’s going to get the ball rolling when time is of the essence? Income planning isn’t just about money. It’s about securing your future, and you need all the help you can get. This guide emphasizes the importance of having a trusted contact with your wealth planner as a senior in Tampa.
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What Is the Role of a Trusted Contact?
Is it really necessary to have a trusted contact? Experienced wealth managers will argue that it’s an integral part of income planning for retirement. Think of it as a first line of defense to protect your legacy.
As seniors get older, they become prime targets for fraud and exploitation. A trusted contact is someone you can rely on to keep your actions in check. This contact is typically someone who is close to you, rather than a “stranger” with qualifications.
Trusted contacts are authorized individuals whom Tampa wealth advisors reach out to when they need a way to reach you.
Top choices for trusted contacts among seniors in Tampa:
- Spouses
- Siblings
- Adult children
- Aunts to uncles
- Close friends
- Neighbors
Your First Line of Defense Against Financial Exploits
Scams, exploits, and fraud are incredibly common in Florida, and retired seniors are usually the easiest targets. When your wealth advisor in Tampa notices strange activity involving your investable assets, they reach out to you for confirmation of these transactions. Since these scenarios are usually time-sensitive, your wealth advisor will reach out to your trusted contact if they can’t reach you.
Top signs of fraudulent activity:
- Unauthorized money transfer
- Suspiciously large withdrawals
- Abnormal investment trades
Someone to Count On When You’re In the Hospital Bed
Having a trusted contact (despite being authorized) isn’t the same as having a Power of Attorney. Still, it’s advised to have a trusted contact established in case you ever end up incapacitated at the hospital.
Without a trusted contact, a wealth advisor may resort to freezing your financial accounts to keep assets under management when you’re unable to make important decisions. With a trusted contact, your wealth advisor is able to talk to someone who can reliably communicate your intentions.
Seniors in Tampa are constantly facing health challenges, but having a trusted contact streamlines communications so that wealth advisors can continue to perform their duties.
An Additional Safeguard In Volatile Markets
Long-time residents in Tampa know how quickly Florida’s stock market can fluctuate. Seniors are frequently at risk of losing their hard-earned retirement income in volatile markets. Trusted contacts can act as a mediator, making key decisions for investments as a way of risk management when you’re unsure of how to act.
Have a Backup For Everything. Meet With a Knowledgeable Wealth Planner at Maggi Tax & Wealth Advisors!
Proper retirement planning starts with the right people. Schedule a consultation with Maggi Tax & Wealth Advisors today at (727) 799-1701 for income planning services that account for everything. Meet our team and secure your retirement!
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