10 Things You Need to Know Before Retiring - Part 3 of 3
Most Americans have no idea when or even if they can retire. In this three-part post, we'll look at the 10 things you should be thinking about when it comes to planning your retirement:
8. Dependents. Will you still be caring for aging parents in your retirement, or helping children who are not yet financially on their feet? If so, you will need to figure these expenses into your retirement plan. In addition, you may want to consider the establishment of tax-saving trusts that can help you meet these needs.
9. Your estate plan. As 2013 has so aptly demonstrated, estate tax laws change and so engaging an estate planning attorney to assist you with keep your estate plan up to date and in line with your wishes is an important part of the retirement planning process. Creating a will, setting up advanced directives for healthcare and/or financial matters, establishing trusts to benefit heirs (or even pets!) while avoiding estate taxes can all be handled by an estate planning attorney.
10. Your retirement budget. Most of us would not embark upon an important journey without a road map, and a retirement budget is an essential road map for meeting your retirement goals. Consulting with your estate planning attorney and/or a financial planner to establish a budget that aligns with your retirement income and how you want to live in retirement will go a long way to ensuring a more healthy, stress-free retirement.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.