As your children begin to move out and become financially independent, it’s time for you and your spouse to refocus your estate and retirement plan. Now is the time to review your estate plan to take into account the change of your family dynamic. Talk to your Tampa estate lawyer about how you can maximize your retirement contributions to ensure a comfortable future and financial lifestyle.
To help make the process easier and as stress-free as possible, we’ve put together a list of tips on how you can prioritize your estate and retirement.
- Get your finances in order
The sooner you get your finances in order, the sooner you’ll be able to enjoy the retirement life. Talk to your Tampa estate lawyer about setting up beneficiaries on your 401(k), work to pay off your debt and loans, and make sure your IRA accounts are up to date.
- LTC insurance
Prepare for the future by talking to your Tampa estate lawyer about long-term care insurance. You never know what the future may bring, so it’s important to plan for the unexpected and for when you may not be able to care for yourself.
- Designate a power of attorney
In the event that something happens to you and you’re unable to make important decisions about your future on your own, who do you want make them for you? Designate a power of attorney who you want to step in and take care of all legal and financial matters on your behalf.
- Check your pension eligibility
Contact your former and current employers and find out if you are eligible for retirement benefits via a pension plan.
- Review your Social Security options
As you approach retirement, start to think about what age you want to begin collecting Social Security. Asses your financial situation and lifestyle, and determine if it makes sense to begin collecting early retirement or if you should wait until you reach full retirement age.
Have any other questions or concerns about your estate plan? Contact us at or visit www.businesslawyertampa.com.