You look forward to the day when you can finally retire. You’ve earned it, and now it’s your time to live it up.
At this point in your life, many things are changing. Your financial circumstances will be different than ever before. Just the same, you may be in the latter stages of your life.
Retirement and estate planning go together hand in hand. This is one of the many times in your life when you should review your estate plan for potential changes. Focus on the following:
- Beneficiaries: Who gets what upon your passing? What will happen to your retirement benefits? Have you named the appropriate person as your life insurance beneficiary? These questions become much more important as you age, especially after retirement.
- Long-term care planning: You want to enjoy your life in retirement, but you need to play it safe. And that means having a sound long-term care plan in place.
- Medicaid planning: Now that you’ve retired, you may find that you qualify for Medicaid. Don’t miss out on this government program, as it provides you with a variety of benefits, such as paying for long-term care.
The day you decide to retire is sure to be one of the most exciting times of your life. You’ll look back and realize that you accomplished a lot over the years. But now, it’s time to turn your full attention to yourself, your family and your future.
As you ponder what’s to come, review your estate plan with the intention of making any changes that’ll give you and your loved ones additional peace of mind.