Estate Planning
As your retirement draws near, there are different points of focus that can greatly help with your planning. One involves Estate planning. If you already have one, make sure to review it every 3 to 5 years to keep it properly updated. It would also be centered around a trust as this allows you to keep control of your assets during your lifetime. This is especially helpful when long-term health costs are a concern. If you already have a trust you are in a good spot. Make sure these trusts are fully funded and that your child’s inheritance is protected. Review your backup trustees to ensure they are still suitable choices.
Healthcare
The second crucial step in preparing for retirement is dealing with your healthcare. Signing up for Medicare is a must, while also determining if insurance is needed. Future care should also be planned for in determining the costs and the amount of care needed based upon your needs.
Financial planning
Now that you are retired it is time to make safer financial choices. Strategize how to use your fixed income to cover the cost of living. Always set a budget to determine how much you will need on a monthly basis. Reassess insurance needs including life, disability, and long-term-carte. It also may help to pay your mortgage off before you retire depending on your financial situation.
Tax Planning
A retirement plan would not be complete without an assessment on your taxes. Talk to your accountant about changes in income, as you will be subjected to different tax rates at different incomes. Make sure they can arrive at the proper amount to deduct from your retirement account to avoid large amounts of taxes.
If you take care of the basics early, your retirement will be much more enjoyable. Without planning however these burdens can hinder your ability to make the best choices for yourself. It’s best to consult an estate planning attorney in order to get your plan legally upheld and understood. Make plans early so you can have a carefree retirement.
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Jamison Bonds, VA Accredited Attorney
One of the many benefits of being an elder law attorney is getting to work with selfless clients who act not out of their own self interest, but out of a deep concern for the people they love. That’s why I love helping families enjoy peace of mind and protect their hard-earned assets.
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Over the course of nearly a decade, we’ve helped more than 1,200 of your neighbors with their estate planning and elder law needs. Now we can help you achieve the best possible outcomes for your family.