The Elder and Disability Law Firm, APC
Last Minute Retirement Tips Everyone Should Consider
Retirement is just around the corner and while you think you're ready, you might be surprised at how much you still have left to do. You'll need to be 62 before you can even consider Social Security benefits and over the next 10 years, your situation can drastically change. Before you head off into retirement, consider these last minute tips:
Create an Estate Plan
Too many people assume that estate planning is for after they retire. While this seems logical, things can happen well before your retirement date. If you're not careful, you could lose your assets and your family could be out of luck. Consider setting up an estate plan now - even if you have decades before retirement - to protect your assets, your health and your loved ones.
Plan for Medicaid
The rising costs of long-term care can quickly train anyone's retirement nest egg. Make sure you have adequately prepared for any medical costs or unforeseen medical issues down the road. Your estate planning attorney can help you ensure you'll qualify for Medicaid even after you have established a retirement nest egg.
Plan for Emergencies
While you have your retirement account, there are unforeseen expenses that could occur down the road. Protect yourself and your family by planning ahead of time with an emergency cash fund. This fund will help you get through the difficult times - including market downturns, maintenance issues or health care problems.
Continue to Update Your Estate Plan
As retirement gets closer, you need to review your estate plan for accuracy. Add in assets as you acquire them and make sure your beneficiaries are up-to-date. Keep in touch with your estate planning attorney.