For most of us, getting sued translates into nightmares. However, just like dealing with a divorce or the loss of a family member, this type of event cannot be avoided. Beside the psychological burden, these unfortunate situations also come with big financial implications.
Prevention is the key when it comes to potential pitfalls, that’s why you should protect your assets in advance. For example, if you’re late in your career, an unexpected lawsuit could destroy your retirement savings.
A survey by ICI Research Perspective showed that 63 percent of all U.S. households had retirement plans through work or IRAs, and 36 percent of U.S. households owned traditional IRAs and Roth IRAs in 2019. Much of the growth in IRA accounts results from employer-sponsored retirement plan rollovers.
Read on to find out more!