Planning for Tomorrow Today: 5 Key Considerations for Your Retirement and Beyond

When considering retirement, most people think about savings, with IRAs and 401(k)s often being the focus of attention. However, there is a lot more to planning for retirement beyond savings. Estate planning concepts are important as well, and your health often deteriorates with age. You should consider a number of issues as you plan for retirement and beyond. Use the following list you get you started.

Potential Long-Term Care Costs

If you are stricken with a debilitating disease or degenerative condition, you may need long-term care. In addition, some of the more common side effects of aging may also result in the need for long-term care. Unfortunately, many older Americans do not plan for the costs related to long-term care, and their loved ones are forced to shoulder the burden of this expense. Setting up funds now through a trust or other means can help significantly should you develop a debilitating condition.

Planning for the Possibility of Incapacitation

Older adults should consider how their finances and other matters will be handled if they become incapacitated. Implementing a healthcare power of attorney can solve many issues related to incapacitation due to illness or other health concerns. A healthcare power of attorney designates an individual who will make healthcare decisions on your behalf if you are unable to do so. It only takes effect if you are actually incapacitated to the point that you cannot make decisions on your own. This tool becomes even more relevant as you age.

Long-Term Planning Decisions

In addition to a healthcare power of attorney, you may also want to consider a durable power of attorney as well. Many of these documents can be drafted so that they only apply if you are mentally incapable of making sound decisions on your own. The person that you designate will be able to make decisions related to your finances, property, and end-of-life planning. These individuals are often close family members or longtime friends. They understand how you would normally act regarding your finances or other personal affairs, and they can take action that will be in your best interest or the best interests of your loved ones.

General Estate Planning

If you are nearing retirement and you have not already developed a will, you should see your estate planning attorney as soon as possible to create one. If you have already drafted a will, and just recently retired, you may need to revise your will to reflect your current status. This may involve removing individuals from your will, adding charities or additional loved ones, or making other minor adjustments. In fact, you should plan to revise your will, or at least review it, every few years to ensure that it is accurate. This becomes especially important as you age.

Getting Help with Your Planning

An estate planning attorney can be an invaluable asset as you start considering various scenarios that may affect you in retirement. You may not realize the estate planning tools you need, and a knowledgeable attorney can help. Contact Legacy Planning Law Group for more information.

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Written by Legacy Planning Law Group

Legacy Planning Law Group is dedicated to working with individuals and families to help protect the assets they have built throughout their life, and make everything simpler for families who have lost a loved one. We help thoughtful people achieve the peace of mind that comes with planning their personal legacy and passing on family harmony.