Preserving Your Wealth in the Twilight Years | Guiding You Forward
Retirement planning doesn't end when you stop working—it evolves into a more complex phase, requiring vigilant wealth preservation and thoughtful decision-making. This podcast discussion explores topics from legacy planning versus lifestyle spending, to estate document maintenance and fraud prevention.
As you continue in the descent phase of retirement—when you’re actually in retirement and spending your savings—it becomes even more important to preserve what you have. Stephen Skokos, senior wealth advisor, and Brooke Angelovich, associate wealth advisor, both with Mountain America Investment Services, come together on this episode of the Guiding You Forward podcast to discuss everything from legacy planning to fraud protection, offering valuable insights for those approaching or already in their golden years.
In this episode you’ll discover:
What you need to know when deciding how to live in retirement.
The importance of updating estate documents.
How fraudsters are targeting aging adults.
Retirees face a key choice—live frugally to maximize your legacy or spend freely to enjoy your twilight years. Whichever path you choose, it’s important to be informed. Stephen discusses tax-efficient strategies like Roth IRAs and setting up proper trust structures. He also shares a touching example of “selfish gifting” in which a widow creates lasting memories by funding family trips. As he explains, “She is creating experiences with her family, with her children, her grandchildren—that long after she's gone, those kids will still have those memories with Grandma.”
Brooke emphasizes the critical importance of updating estate documents as life circumstances change. Wills and trusts created when your children were young may no longer reflect your current wishes or family dynamics. “Those [documents] need to remain living, breathing documents,” she notes. Regular updates to estate documents help prevent family conflicts and ensure your wishes are clearly communicated.
Perhaps most surprisingly, the discussion revealed that Utah ranks number one in the nation for affinity fraud—scams perpetrated through trusted community networks like church groups, friends or neighborhood associations. Stephen shares a harrowing story of elderly clients nearly losing $800,000 to fraudsters posing as FBI agents investigating money laundering. The key to preservation lies in having professional advisors who know you well enough to spot unusual financial requests. “We were able to contact the police. We were able to put a stop to it,” he recounts. “No money moved hands.”
Watch the full episode to discover more essential strategies for preserving your wealth and family during your golden years.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Mountain America Credit Union and Mountain America Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mountain America Investment Services, and may also be employees of Mountain America Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Mountain America Credit Union or Mountain America Investment Services. Securities and insurance offered through LPL or its affiliates are:
| Not Insured by NCUA or Any Other Government Agency | Not Credit Union Guaranteed |
| Not Credit Union Deposits or Obligations | May Lose Value |
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