Retirement and Estate Planning Considerations

Retirement and Estate Planning Considerations

How An “Aging Checklist” Can Guide Your Estate Planning Practices

Preparing for retirement is a vital activity often taken quite seriously by workers throughout their careers. Whether their putting money away into retirement funds, investing in property, or otherwise, the importance of saving and preparing to make sure you have the means to retire comfortably is a commonly understood priority. What may get overlooked as those same people approach retirement age, though, is what comes next.

Estate planning and planning for life after retirement may seem far off or even scary, but as you approach this time in your life, a new area of focus should take hold in the form of an ‘aging checklist.’ Items on the aging checklist are plans you should be sure to have prepared, conversations you should have with family, and good general policies to have in place.

What should be on your “Aging Checklist?”

Estate planning

First and foremost, those approaching retirement age must consider estate planning as a top priority on their aging checklist. No matter how good of health you may be in, making sure you have your ducks in a row is critical to leave your family with as much protection and as little distress as possible. Individual aging checklist items under the estate planning umbrella include creating a will, assigning a power of attorney, and potentially setting up trusts for your estate.

Financial Accounts

Throughout your career, you’ve likely established numerous investment and savings accounts. You may have 401k accounts with different jobs you had throughout your career that you kept separate once you started a new job, or you may have simply opened various investments and savings accounts for different reasons and purposes over the years. But as a part of your aging checklist that you should review with family and financial advisors, it’s important to have all of this information collected in one place. Where is all of your money? What should you consolidate? Are all of these investments still targeting the appropriate retirement date? These questions are critical to your aging checklist.

Healthcare Plans

Preferences and circumstances will vary as you age. It’s important to discuss your desires with your family. Would you consider a retirement community, or would a live-in nurse be more appropriate? What sort of surgeries and procedures would you be willing to receive if you become incapacitated or unable to make those decisions? These are very important aging checklist items to address as soon as you can.

Insurance Policies

Similar to healthcare plans, you’ll want to have your insurance policies squared away and in place well ahead of when you might need them. Particularly with the ‘aging checklist,’ it’s important to recognize that undergoing estate planning means that the types of insurance that are best suited to your needs are likely going to change as you transition into this next stage of life.

If you require guidance with the estate planning process, Tobin and Collins can walk you through the “aging checklist. Our experts are ready and able to assist you in evaluating your needs, so get in touch with us today!

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