As we live longer, retirement planning takes on new meaning.
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Critical issues are whether you will outlive your money and whether you can pay for your health care as you age.
With proper planning, most Americans can deal with the following issues, according to a story in the Las Vegas Review-Journal.
- Paying for retirement. You will need a steady stream of income. Social Security or a pension may not be enough to keep you living in the way you are used to. You must have an investment program.
- Health care. Medicare is only a foundation. You will need a supplemental plan. Long-term care insurance is also important if you can find it. You should also have a health care proxy so decisions can be made on your behalf if you are incapacitated. A living will that will list your wishes if there is no hope of recovery is also necessary.
- Estate planning. This is to make sure your assets are transferred to whom you wish when you wish and done with the least amount of taxes being paid.
- Where do you want to spend your retirement years? Near children? In a warm climate? In a place with good medical care? If you pay off your mortgage, your income needs will be less.
- How do you want to spend your time in retirement? Make sure you have something to do.
It is never too early to begin your retirement planning, the story says. A number of professionals, including an estate planning or elder law attorney, can help.
If you have questions about estate planning or elder law issues, feel free to call us for a consultation at (626) 696-3145.
