Planning for Retirement
A successful retirement involves more than money. Good health, financial stability, estate planning and a plan for enjoying your new freedom all play a role in creating a fulfilling next chapter of your life.
The Three Stages of Retirement
Some have described retirement in three stages – the first, go-go — when you are busy traveling, relocating, or downsizing and active – the second, slow-go — when you are still able to travel and be active but not at such a fast pace – and no-go, in the later stage of life when a less active lifestyle is more suitable.
Reviewing and Updating Your Estate Plan
Early retirement is a good time to review and update your estate plan. If you arrive at retirement without an estate plan, you’ll want to take care of this sooner, not later. A last will and testament, power of attorney, healthcare proxy and trusts, if needed, should be created.
Even if you’ve arrived at retirement in good health, you still need these documents. Few people live to reach retirement age without experiencing surprises, good and bad. Having estate planning documents for incapacity, for instance, will allow others to take over for you if you become unable to speak for yourself.
Ensuring Assets Are Distributed According to Your Wishes
A last will and testament, coupled with trusts and updated beneficiary designations, is needed to ensure that your property is distributed according to your wishes. If there’s no estate plan, the lack of clarity will create problems for heirs. Even a surviving spouse can inadvertently be left in a strained financial situation without a will.
Tax Planning and Estate Considerations
Tax planning should be part of your estate plan. There may be advantages to how your wealth is distributed, regardless of its value. While most Americans don’t worry about federal estate taxes, some states still impose state estate taxes and inheritance taxes. Converting a traditional IRA to a Roth IRA, for example, might be useful for you and your heirs. It may be better to place certain assets in a trust to keep them out of your probate estate, ensure a seamless transition to the next generation, or prepare for long-term care.
Managing Investments During Retirement
If you aren’t already meeting regularly with a financial advisor, now is the time to review your investments on at least an annual basis as you withdraw money from retirement savings. Which accounts to draw from first will affect income taxes and investments.
Planning for Long-Term Care
Retirement is also the time to consider your long-term care plan. If you didn’t purchase a long-term insurance plan, find out if you are eligible to buy one. You may need to purchase LTC as part of a hybrid insurance package, since fewer companies are selling this important financial product.
Enjoying a Well-Planned Retirement
Retirement can be a fulfilling and thoroughly enjoyable chapter of life. Preparing for it in advance — financially, legally and personally — allows you to spend less time reacting to unexpected events and more time enjoying the freedom you’ve worked hard to achieve.
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