About Estate and
Despite many people’s insistence that retirement and old age
are “a long way off”, they still have a way of showing up
whether you’re prepared for them or not.
Every financial planner has likely heard a multitude of
reasons and excuses why postponing retirement planning
and estate planning is a good idea, but going into that part of
life unprepared can make it very difficult.
Keep reading to learn some basic information about estate
and retirement planning, and why they are so important,
even if they are well into the future.
What is Retirement Planning?
In a nutshell, retirement planning refers to creating a
financial plan for yourself for after you’ve reached retirement
Obviously, once you’ve retired from the workforce you no
longer have a full time income, so planning for that
eventuality when you’re younger will help with the
transition. When done properly, retirement planning will
leave you with enough money to pay your bills and continue
your lifestyle into your golden years.
What Is a Estate Planning?
Estate planning refers to planning out how your assets will be
distributed after you’ve died, or gotten to the point where
you can no longer make financial decisions on your own.
Estate planning consists of many different elements and it is
usually wise to get a lawyer involved so every aspect is
covered. Not matter what your net worth happens to be,
having even a basic estate plan in place is a good idea.
What Are the Benefits?
Some of the benefits of retirement planning and estate
• Guaranteed, consistent income in your old age.
• Being able to leave assets to the people you actually want
to have them.
• Lowering the financial burden on loved ones.
• putting you in a position to help other family members
financially when you’re older.
Some of the elements included in the retirement and estate
planning process are:
• Assigning power of attorney to someone you trust to
manage your affairs.
• Detailing any life-saving medical treatments you want or
don’t want if you’re unable to communicate.
• Taking stock of all your assets, including investments,
retirement accounts, cash, real estate, collectibles, cars,
What’s Included cont…
• Discussing your plans with heirs and family members
• Drawing everything up in a legal will
• Detailing likely expenses for your retirement period
• Hiring a financial planner to make a plan for you and your
money from now until retirement
Planning for Retirement
While planning your estate for after you’re gone is filled with
legalities, the retirement planning process is more about
strategy. Some of the things to keep in mind when planning
for retirement include:
• Estimating retirement income
• Applying for government programs
• Paying down mortgages and loans from now until then
Naturally, all of this is made easier if you let an expert help
you out. For estate planning you’ll need the help of a lawyer
to make it all legal, and with retirement planning a good
financial planner can provide the expertise.
A financial planner will help you organize, invest, forecast
and streamline your financial life so you meet all your goals
once retirement arrives.