Simply put, it’s never too early to start planning for your retirement. For some, this can seem like a stressful task. But the better prepared you are by starting to save early and organizing your paperwork, the easier the transition will be. From fun adventures to unforeseen bumps in the road, we’ve listed a few of our helpful tips to plan for a retirement that can handle anything life throws your way.
Get Your Estate Plan in Order
While we hope you’ll be happily and healthily traveling the world in your post-work life, it’s just as important to prepare for life’s more serious changes as it is for the exciting opportunities retirement brings.
What we often see when people are searching for Highland Park home care—either by themselves or with the assistance of family members—are the struggles in securing finances and estate planning. Consider the first step in your retirement plan to be locking down these items in your estate plan:
- Will
- Living trust
- Power of attorney
- Advanced health care directive
If you weren’t able to get these items in order before your move to a home care agency, be sure to vocalize what you want to trusted family members or to your beneficiary. It’s better to let those important to you know what you want until you can get to an administrator, who will then put it down on paper for you.
Consider Your 401(k) and IRA Contributions
In 2018, there are so many online tools (Fidelity, Wealthfront, and Charles Schwab to name just a few) you can use to organize the financially secured life you deserve. And you can get ahead of the game by looking at the accounts you’re already paying into.
Additionally, your employer’s 401(k) services may offer educational courses on how to get your retirement plan started. Automatic withdrawals and regular investing into a tax-deferred account like your 401(k) makes for an easy and successful way to increase savings.
Understand Tax Reform Laws
For most, relocation is just part of the retirement process. If you can plan ahead a little by considering what your relocation goals and needs are, you can make that process a lot smoother for yourself. Whether it’s staying home or finding the right retirement community in-state or out, look to your taxes to see what your options are.
The recently enacted Tax Cuts and Jobs Act of 2017 put the pressure on retirees to cross state lines due to SALT deductions capping at $10,000 a year. But meeting with a financial advisor early can help to put you in a position to remain in state for your retirement years.
Like the rest of the retirement process, it’s better to begin planning as early as you can to know where you stand. Not only will it help decrease your stress, but you’ll also be able to build the retirement life you’ve dreamed of.
Is the next step in your retirement plan to look for home care? We’re happy to help. Search for a ‘Home Care Agency Near Me,’ and let us assist you in making your retirement a happy, stress-free process.
