BEGIN ESTATE PLANNING FOR RETIREMENT NOW

Planning for retirement can be a joy. Just imagine what you’ll do now that you have the time—the places you’ll go, the people you’ll see. But planning for retirement is also a serious business. It often includes important decisions about when to take Social Security, what Medicare option is best for you, how to invest your retirement savings—and how to protect your family when you’re gone.

Now is the time to develop a plan for your estate so that you can relax and enjoy your retirement, knowing that you’ve helped to provide for your family and ensure that your wishes will be carried out. Retirement Planners of America advisors can help you with estate planning for retirement as part of our comprehensive approach to retirement planning. After all, our goal is to offer you financial peace of mind, and that includes peace of mind regarding your legacy.

ESTATE PLANNING FOR RETIREMENT: AVOID THESE 10 MISTAKES

As you begin the estate planning process, you’ll need to consider a number of factors. Did you recently inherit money? Are you making plans to sell your small business or downsize your home? Do you want to give away money while you’re alive, or bequeath it after you’re gone?

Estate planning for retirement is complicated. To make sure your wishes are followed, we suggest avoiding these ten estate-planning mistakes:

  1. Not having a plan at all
  2. Neglecting to update your plan
  3. Making beneficiary mistakes
  4. Forgetting to account for taxes
  5. Leaving assets directly to a minor
  6. Not putting life insurance policies in a trust
  7. Choosing the wrong person to handle your estate
  8. Not coordinating retirement plans and trusts
  9. Using a poorly drafted plan
  10. Crafting a plan by yourself

If you’d like to know more, you can download an expanded version of Avoid These 10 Estate Planning Mistakes.

INVESTING INHERITANCE MONEY TO MAXIMIZE YOUR RETIREMENT

If you’ve recently received an inheritance, consider putting some of it into your savings for retirement. Studies report that most inheritances are spent within five years, and that one third of heirs have negative savings within two years of receiving their inheritance.

Investing inheritance money instead of falling into the temptation to spend it now can boost your retirement savings, offering you a better retirement lifestyle and helping to make your money last as long as you do.

We’d be happy to offer guidance about the best way to handle an inheritance.. As specialists in retirement planning, we can help you manage an inheritance, review your existing estate plan or put a plan in place.