Financial Assessment for Retirement
An important step in your Estate Planning process is doing a thorough financial assessment of your situation. Your estate plan must provide not only for your heirs, but for your long-term well-being as well. A clear and thoughtful financial plan will include considerations for such things as your retirement income, funds or insurance to pay for long-term care, including housing, home-help or nursing care, and providing for dependents such as disabled children.
At Stubberud Law, we work closely with your financial planner to be sure you have a strategy for each of your investments, from your home to your investment portfolio. These strategies should be at appropriate levels of risk for your age, income and family situation and needs.
Another important factor in your financial plan is planning your retirement budget. Have you thought about the lifestyle you would like to live in retirement, and have you planned out how to pay for it? You will also need to budget for medical expenses that may not be covered by your Medicare benefits. If you plan to travel extensively, you must budget extra for those costs as well. Of course, we will also need to consider the impact of taxes on your retirement. We’ll look at your assets and form a plan to minimize your tax liability in future years so that you will have more cash in retirement.
A major part of your financial plan is your Estate Plan and that should be put in place well before you reach retirement age. Planning ahead for your retirement years will add years of security and peace of mind to your golden years.
If you would like help with assessing your financial situation for retirement, please call our office for more information.