Prepare for retirement in four steps

Posted on September 25, 2019
By Nicole Marro, trusts and estates attorney, St. Ann’s Community Board Member
Also featured in Democrat & Chronicle

Plan for retirement early to put your mind at ease.

When it comes time to prepare for retirement, it’s important to plan wisely so you can ensure you have choices. Remember, people don’t plan to fail – they fail to plan. These tips will get you on track to living life to the fullest.

Be picky when choosing advisors

It is imperative to have trusted advisors in place – people like a financial planner, an accountant and an estate planning attorney. Talk with them about your life goals, investment assets and plans for retirement. If you don’t already have these advisors in place, start considering who to choose. Ask other professionals and people you trust for referrals, and interview potential advisors until you find ones you’re confident in. These are long-term relationships, so spend the time finding who’s best for you and your family.

Make the most of every asset through estate planning

Many people avoid estate planning because they assume it’s expensive and they can’t afford it. In reality, it’s the lack of planning that can cost you. Even people with modest wealth should plan their estate to make the most of every asset and to be sure they have enough when they need it most. It also allows people to choose how to distribute property at death and who will be in charge of it all. Without making an estate plan, you might risk your property ending up in the wrong hands.

Put pen to paper

Be sure to put everything in writing. Necessary legal documents include a power of attorney, a health care proxy – someone who will be authorized to make important medical decisions on your behalf – and a last will and testament.

Communication is key

Set aside time to talk with your loved ones, so they’re aware of your specific goals for retirement. Would you be comfortable in a retirement community or would you rather stay at home? Discuss medical care and end-of-life wishes. Tell your family who your advisors are and where important legal documents can be found. These types of conversations are the foundation of retirement planning.

Preparing for retirement properly allows for peace of mind. You’ve worked hard all your life, and you deserve to live these years out the way you intended. No one can predict the future in terms of health, wealth and family relations – but by following with these tips, you’ll be ready for anything.

Nicole Marro is a Trusts and Estates attorney at Bond, Schoeneck & King, PLLC. She concentrates her practice in estate and gift tax planning and estate and trust administration. She serves as counsel and advisor to private clients, including business owners, corporate executives and families with developmentally disabled individuals. Nicole is a board member of St. Ann’s Community. Contact her at nmarro@bsk.com.

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