Hey there, future retiree! Congratulations on crossing the finish line and heading into the sunlit uplands of retirement. You’ve earned it, you rockstar. Before you break out the margaritas and sunscreen, let’s have a quick chat about making sure your estate plan.
Things to Consider When Beginning Your Retirement:
With retirement comes a whole new set of estate planning issues to consider. If you’ve got an estate plan already, kudos. But hold your horses, because estate planning isn’t a “set it and forget it” kind of deal. It’s like your favorite pair of socks—you gotta check for holes every now and then. So, grab a pen, and let’s run through some questions:
1. Still Own the Same Stuff?
That beachfront condo, the retirement accounts—has anything changed since you first drew up the plan? Remember that while retirement accounts look plump now, they’ll start slimming down once withdrawals kick in. Time to adjust!
2. Kids Still Minors in Your Plan?
If your estate plan was drafted when Junior was knee-high to a grasshopper, things may need updating now that your little one is ready to adult. It’s not just about finding guardians anymore; it’s about ensuring their needs are fully covered.
3. Employer Life Insurance Policy?
Those sweet employer-provided life insurance benefits might vanish when you clock out for the last time. Don’t be caught empty-handed—find other ways to safeguard your loved ones.
4. Want to Tweak Beneficiaries’ Inheritance?
Does your will or trust still align with your current wishes? Maybe your adult child doesn’t need that $300,000 windfall at age 35. Or maybe they do. It’s time to update based on their current needs and your gut instincts.
Up Next: In our next blog, we’ll tackle the elephant in the room—what to do if you don’t have an estate plan or haven’t completed it. Trust me, it’s gonna be wild.
