Creating And Protecting Your Legacy

What plans should I make before I retire?

On Behalf of | Aug 23, 2020 | Estate Planning |

Planning for your future is more than just determining where you want to live in your senior years. There are certain actions you should take to maximize this next phase of your life. 

Here is some advice from Forbes about what steps to take before you retire. 

Update your estate plan

You might have a will, but perhaps you executed it some time ago. It is extremely important to review this document, along with your power of attorney and advanced health care directives, on a regular basis for several reasons. The first is to confirm that the beneficiaries are correct. If you have gone through a divorce, or if grandchildren have been born since its execution, you probably want these changes reflected in the will. Of course, if you have never drafted these instruments, now is the time to do so. 

Likewise, if you have accumulated additional wealth since you last updated your will, you may want to determine how to best leave these assets to your loved ones. Be sure that your accountant, financial advisor and attorney are working together so you can maximize your estate. 

Plan for your long-term care

While you may feel and act healthy today, as you age you might eventually need help with tasks such as bathing, eating, toileting and getting dressed. In fact, there is a great likelihood that at some point in life, most people might require some form of long-term care assistance with daily living tasks, as 70% of those people turning 65 today are going to need this help. Paying for these services can be extremely expensive and it is in your best interest to plan for this cost ahead of time. Keep in mind that long-term care planning is a distinct topic from estate planning. 

Organize your investments

As you age, you might accumulate a variety of financial assets. Some are from accounts you have affirmatively opened or investments you have made, whereas others are employment-based plans that you collected as you moved from job to job. Together, these may include: 

  • Checking and savings accounts 
  • Trading accounts 
  • 401(k)s and IRAs 
  • Property investments 

Potentially, you may have more accounts than you can easily keep track of. One of the best things to do is to streamline them to make them easier to manage. Having fewer accounts helps to simplify your life and facilitates your eventual estate distribution.